The transaction, completed July 1, 2026, involves a mix of 7.2 million EQB common shares and $234.5 million in cash. By acquiring PC Bank and its associated insurance agencies, EQB expects to scale its reach to nearly 4 million customers. While the transition of client accounts to the EQ Bank platform is slated for the coming months, current users will see no immediate changes to their daily banking or point redemption processes.
In section Releases
EQB Finalizes Acquisition of PC Financial from Loblaw
Canada’s Challenger Bank has officially absorbed President’s Choice Financial, marking a significant expansion for EQB Inc. The deal, valued at 1.15x book value, integrates the retail banking arm of Loblaw Companies Limited into EQB’s operations, granting the lender exclusive access to the 18-million-member PC Optimum loyalty program.
As part of the strategic integration, Galen G. Weston and Richard Dufresne have joined the EQB Board of Directors. Their addition aims to guide the bank as it attempts to deepen its presence in the consumer financial market. Following the acquisition, Loblaw has increased its stake in EQB to approximately 19.89%, with plans to reach a 25% ownership threshold through future share purchases. The bank intends to begin transitioning PC Bank clients to its digital infrastructure shortly, aiming to harmonize the loyalty ecosystem with its existing suite of financial products.
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