Canadian CU Has Similar Plans

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In the second credit union purchase of a bank in the last week, Desjardins CU, part of the Quebec-based Desjardins Group, said it has agreed to buy the provincial government-owned Ontario Savings Office, under the government's privatization plan, for $50 million. The credit union also pledged to invest $120 million towards expanded services, training and other improvements. The 100-year-old savings bank has more than 100,000 accounts and $2.8 billion in assets. The bank also operates two dozen branches and four agencies throughout the province.

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