OTTAWA, Oct. 22, 2018 (GLOBE NEWSWIRE) -- The Canada Deposit Insurance Corporation (CDIC) welcomes the appointment of Peter Routledge as President and Chief Executive Officer (CEO).

Mr. Routledge has extensive experience in Canada’s financial sector. He was most recently a Senior Advisor at the Department of Finance where he provided advice on a number of financial sector policy issues including financial stability, housing finance, and competition in Canadian financial services. Prior to joining the public service, Mr. Routledge held a variety of leadership roles at institutions within the Canadian capital markets sector.

“I consider it a privilege to lead an organization which is so important to the financial security of Canadians,” said Mr. Routledge, whose appointment is for a term of five years.  Further details on Mr. Routledge’s appointment can be found on the Department of Finance Canada website.

CDIC’s Board of Directors also thanked interim President and CEO Dean Cosman for his exemplary service and leadership of the Corporation during the period of transition. Mr. Cosman had served in this role since June and will be reinstated in his position as Senior Vice-President, Insurance and Risk Assessment.

CDIC is a federal Crown corporation established in 1967 to protect the savings of Canadians, and we contribute to financial stability by safeguarding over $792 billion in deposits at more than 80 member institutions.  As resolution authority, we are responsible for handling the failure of any of our members, from the smallest to the largest.  Our members include banks, federally regulated credit unions as well as loan and trust companies and associations governed by the Cooperative Credit Associations Act that take deposits. We are funded by premiums paid by member institutions and do not receive public funds to operate. We have dealt with 43 member failures affecting some two million Canadians. No one has lost a dollar of deposits under CDIC protection.

Further information:
Brad Evenson
Director, Communications and Public Affairs
Tel: 613-943-4395
E-mail: media@cdic.ca