New corporate strategy leverages its co-operative business model and values as key differentiators
Toronto, ON – April 21, 2023 – Meridian’s new corporate strategy, Meridian for Good, ushers in a new day for Ontario’s largest credit union and second largest in Canada.
“We’re leaning into our bedrock values as a financial cooperative to better integrate our purpose into everything we do,” said Jay-Ann, President & CEO, Meridian. “The end goal of Meridian for Good is to deliver on our purpose – “helping you achieve your best life” and on our vision “to be recognized as an inclusive, transparent, and people-focused financial partner.”
People, Planet and Community
Meridian for Good puts purpose to action by helping all people, including equity-deserving communities, get access to the money and advice they need; plan for a better future that is clean, resilient, and diverse; and be financially confident.
Meridian recognizes its obligations to its stakeholders and the greater community, and the impact it has on the world. Backed by its Members, Meridian has embedded Environmental, Social and Governance (ESG) principles into its long-term strategy and considerations into its decision-making processes.
As a credit union, Meridian has always operated within a framework of ESG principles, now formally articulated in its inaugural ESG Report Value Created and Shared and newly created Climate Commitment to ensure that all its emission sources are on pathways to net zero by 2050, or sooner.
Harnessing profits for positive impact and social change
Meridian will focus on growing Business Banking through expansion into new industries and partners, including Indigenous communities. The new strategy puts emphasis on working with small and medium sized enterprises that are on the path to growth and are purpose-led, looking for trusted relationships with their financial partners.
Business Banking and OneCap will contribute to Meridian’s ESG transition by supporting businesses that are creating clean technology and/or transitioning to more sustainable environmental practices.
“This is a natural strategic driver for us,” said Jay-Ann. “Credit unions finance 21% of small and medium sized enterprises in Canada, the heart of our economy. This segment is also becoming front and centre in the shift to long-term sustainable change in local economies and communities.”
For Retail Members, Meridian for Good promises to deliver fair value by reinvesting returns, acting in their best interest, and providing products and services that will help Members achieve their best life, especially in equity-deserving demographics. Meridian will invest in impactful offerings that provide enhanced value to Members and customers.
Meridian is also investing more in digital and analytics, not only to add protection and help guard against cyber-attacks and fraud, but to also enable a better, deeper Member experience and build lasting relationships with both current and new Members.
“Our financial strength provides a solid base for investment in our Members, customers and communities, and for growing our business in a strategic way,” said Jay-Ann.
“Co-operatives are about people coming together to improve their world and create a better world for all,” said Karen Farbridge, Chair, Meridian. "We’ve seen firsthand how energized the organization is by the new Meridian strategy and see many opportunities to become an even more inclusive and people-focused financial partner.”
Meridian for Good was formally shared with Members at its Annual General Meeting on April 20th held in Toronto.
We acknowledge the land on which we operate is the traditional territory of many nations including the Mississaugas of the Credit, the Anishinaabe, the Chippewa, the Haudenosaunee and the Wendat peoples and now home to many diverse First Nations, Inuit, and Métis. We also acknowledge that Toronto is covered by Treaty 13 with the Mississaugas of the Credit.
Meridian is Ontario’s largest credit union, and second largest in Canada, with more than 75 years of banking history. We deliver a full range of financial products and services to more than 370,000 Members through a network of 89 branches and access to business banking services at 15 locations, a Member Contact Centre and online/mobile services. Meridian also has two operating subsidiaries: Meridian OneCap Credit Corp (“MOCC”), a leading national supplier of customized commercial equipment leasing solutions; and motusbank, a national digital bank. Meridian Credit Union Limited has over $30 billion in assets under management (March 31, 2023). For more information, please visit: meridiancu.ca, follow us on Twitter @MeridianCU or visit us on Facebook.
For more information contact:
Teresa Pagnutti, Public Relations, Meridian
Jacob Del Zotto, Corporate Communications, Meridian