TORONTO – EQB Inc. says it has agreed to acquire PC Financial from Loblaw Companies Ltd. for an estimated $800 million.
Under the terms, one or more subsidiaries of Loblaw will be issued 7.2 million common shares of EQB, representing around 16 per cent of its issued and outstanding common shares. EQB CEO Chadwick Westlake said in the press release that the company looks forward to having Loblaw as a shareholder and long-term partner.
“By combining EQ Bank’s exceptional digital platform and product shelf with PC Financial’s spending solutions, distribution and expertise in loyalty, we’re creating a better banking ecosystem for all Canadians that prioritizes innovation and value,” he said.
The owner of EQ Bank will acquire President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and other entities of PC Bank.
As part of the agreement, EQB will enter into a strategic relationship with Loblaw to become the exclusive financial partner of the PC Optimum loyalty program.
EQB said the acquisition will expand its total customer base by nearly 3.5 million while adding $5.8 billion in assets.
“Through this strategic relationship, we unlock significant value and sharpen our focus on our core retail business, while ensuring PC Financial is best positioned for long-term success with a dedicated banking partner who we will have an ownership position in,” Loblaw CFO Richard Dufresne said in a statement.
The deal is expected to close in 2026 and is subject to closing conditions and regulatory approvals
The acquisition was announced as the Toronto-based firm reported earnings for the fourth quarter and the 2025 fiscal year.
This report by The Canadian Press was first published Dec. 3, 2025.
Companies in this story: (TSX:EQB) (TSX:L)
