EQB Inc. and Loblaw Companies Limited announced Tuesday that final approval has been received from the Federal Minister of Finance and National Revenue for EQB’s previously announced acquisition of PC Financial from Loblaw.
The completion of the acquisition will cement EQ Bank’s position as Canada’s Challenger Bank and its unique ability to strengthen competition and drive innovation, while making a meaningful difference for millions of Canadians at a time when it matters most, said the company in a news release.
The Minister’s approval represents the successful conclusion of a comprehensive regulatory review, following a recommendation from the Office of the Superintendent of Financial Institutions (OSFI) and clearance from the Competition Bureau in March 2026, it said.
“We applaud the swift actions of the Federal government to enable us to move with pace to drive improvement in banking competition, affordability and innovation for Canadians,” said Chadwick Westlake, President and CEO, EQB. “This approval signals the government’s clear commitment to strengthening Canada’s economy and fostering competition and innovation here at home. It is an important step towards closing the acquisition of PC Financial and to building a more dynamic banking system. We are focused on scaling a Challenger‑led, loyalty‑linked banking ecosystem that puts more choice, value and financial momentum in the hands of everyday Canadians.”
Completion of the Acquisition will mark a step‑change for EQ Bank and for Canadian banking, unlocking the opportunity for EQB to offer Canadians rewarding and unique ways to save, spend, and earn at scale in communities from coast to coast. Through the Acquisition, EQB expects to expand its total customer base to 3.3 million Canadians and add approximately $5.8 billion in assets and $800 million in direct retail deposits. As the exclusive financial services partner of PC Optimum™, one of Canada’s most recognized and widely used loyalty platforms, EQB will be able to offer everyday banking, lending, payments, and rewards through a single integrated ecosystem to the more than 18 million active PC Optimum™ loyalty members.
“This acquisition unlocks significant benefits for millions of PC Financial customers and PC Optimum™ members, including a wider variety of products, services, and even more ways to earn rewards, while gaining access to EQ Bank’s leading digital platform for everyday banking,” said Richard Dufresne, Chief Financial Officer, Loblaw.
With the final regulatory approval obtained, EQB and Loblaw are preparing for the closing of the Acquisition, which will combine PC Financial, including the PC Mastercard suite of products, with the award-winning EQ Bank banking platform. Building on existing everyday banking, residential lending and reverse mortgage offerings, this will shape a complete, integrated Personal Banking business that raises the bar for what Canadians can expect from their bank, said the news release.
“EQB will enter into a long-term strategic commercial arrangement with Loblaw, becoming the exclusive financial partner of the PC Optimum loyalty program with access to Loblaw’s national retail and digital channels to market financial services products,” it said.
EQB expects the acquisition to close in the summer of 2026, subject to customary closing conditions.
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