EQB receives Competition Bureau clearance for PC buy

Executive Summary

• EQB Inc. has received regulatory clearance from the Competition Bureau for its previously announced acquisition of PC Financial and related entities from Loblaw Companies Ltd.
• The transaction still requires final approval from the Office of the Superintendent of Financial Institutions (OSFI) and the Minister of Finance before it can be completed.
• The acquisition aims to combine EQ Bank’s digital banking platform with PC Financial’s spending solutions and PC Optimum loyalty program to create a larger, integrated banking ecosystem in Canada.

Key Details

• Regulatory Milestone: Received clearance from the Competition Bureau for the acquisition of President's Choice Bank (PC Bank), PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc., and certain other affiliated entities.
• Pending Approvals: The deal remains subject to approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance.
• Transaction Origin: EQB announced the agreement to acquire PC Financial from Loblaw Companies in December 2025.
• Strategic Rationale:
  • Combine EQ Bank’s digital platform and full-service banking capabilities with PC Financial’s spending solutions.
  • Leverage PC Optimum’s data-driven personalization and reach (16 million active members).
  • Create one of Canada’s most relevant loyalty-linked banking ecosystems.
• Market Position:
  • EQB operates Equitable Bank, Canada’s seventh-largest bank by assets.
  • PC Financial serves a base of more than 2.5 million customers.
  • Combined assets under management and administration for EQB are $142 billion (as at Jan. 31, 2026).

Notable Quotes

• Chadwick Westlake, President and CEO, EQB: "The Competition Bureau's approval moves us closer to bringing together two banks built on a shared belief: Canadians deserve better... We'll pair innovative products and everyday spending solutions at scale to build one of Canada's most relevant loyalty-linked banking ecosystems."
• Richard Dufresne, CFO, Loblaw Companies: "This approval is an important step forward in our long-term relationship with EQB that will materially improve how Canadians across the country experience banking... we're well positioned to deliver exceptional value for Canadians and enhance the rewards they earn."