TORONTO – The Competition Bureau has cleared EQB Inc.‘s proposed acquisition of PC Financial.
EQB Inc. and Loblaw Cos. Ltd. say the bureau’s approval represents an important regulatory milestone for the deal.
The companies say the deal also requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
EQB, the company behind digital EQ Bank, announced the deal to buy PC Financial from Loblaw late last year for $800 million in shares and cash.
Under the deal, it will acquire President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and other entities of PC Bank.
The transaction will see Loblaw take about a 16 per cent stake in the bank while EQ will become the exclusive financial partner of the PC Optimum loyalty program.
This report by The Canadian Press was first published March 6, 2026.
Companies in this story: (TSX:EQB, TSX:L)
