Using accounting data from 1,073 Caisses populaires et d’économie Desjardins , we estimated a translogarithmic multi-product cost function enabling us to test for economies of scale and scope. Using the production approach, we defined six products, three inputs and three control variables to capture the cost heterogeneity stemming from short-term asset growth, localization of activities and clients' average wealth. We detected global scale economies, the output elasticity of the cost function being 0.98 and statistically less than one. However, global scope economies are much more important since the joint production allows for a cost savings of almost 50 %.