Zag Bank (previously known as Bank West), is a federally regulated Bank and was founded in 2003. Banks journey as Canada’s newest direct bank begins with a powerful suite of deposit products designed to make it easier to grow your wealth. Zag Bank has been a wholly owned subsidiary of Desjardins Group since being acquired in 2011. Desjardins Group was ranked by Bloomberg in 2014 as the strongest financial institution in North America and the second strongest in the world.