EQB Inc. has received Competition Bureau clearance for its proposed acquisition of President's Choice Bank and related financial services entities from Loblaw Companies Limited.
The transaction, first announced in December 2025, covers President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and certain other affiliated entities (PC Financial). The deal still requires approval from the Office of the Superintendent of Financial Institutions (OSFI) and the federal Minister of Finance before it can close.
EQB said the Bureau’s approval is an important regulatory milestone in a plan to bring “two of Canada’s most innovative banking platforms” together and build a larger loyalty‑linked banking ecosystem.
“The Competition Bureau’s approval moves us closer to bringing together two banks built on a shared belief: Canadians deserve better,” said Chadwick Westlake, president and CEO of EQB. “Being a regulated Schedule I bank matters and gives us the strength and credibility to drive real, lasting change in Canadian banking. We’ll pair innovative products and everyday spending solutions at scale to build one of Canada’s most relevant loyalty‑linked banking ecosystems.”
Westlake said the combined business would have “greater reach, new capabilities and a presence where customers already are,” which EQB expects will allow it to deliver “better value and experiences for hardworking Canadians while raising the bar for the industry.”
Loblaw framed the clearance as the next step in a longer‑term partnership with EQB built around EQ Bank’s digital platform, PC Financial’s spending products and the PC Optimum loyalty program.
“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,” said Richard Dufresne, CFO of Loblaw. “With EQ Bank’s digital platform and full‑service banking capabilities working alongside PC Financial’s spending solutions and PC Optimum’s data‑driven personalization and reach, we’re well positioned to deliver exceptional value for Canadians and enhance the rewards they earn.”
The inclusion of PC Financial’s insurance operations is a notable element of the deal for the insurance market.
PC Financial Insurance Agency Inc. distributes personal lines products such as auto and home insurance underwritten by Aviva General Insurance Company, while PC Financial Insurance Broker Inc. places home and auto business with a panel of Canadian insurers across multiple provinces. Those agency and brokered books give EQB a national, retail‑facing P&C distribution platform that has historically been tightly linked to the President’s Choice and PC Optimum loyalty ecosystem.
EQB has said the transaction will bring “everyday spending solutions” and loyalty into its banking offering, and industry observers expect insurance to be part of that mix. For existing carrier partners, a change of ownership at the distributing entity could affect how products are designed, how data is shared and how cross‑sell campaigns are run, particularly if EQB seeks to embed insurance offers more directly into its digital bank and loyalty experience.
On the balance sheet, EQB has indicated the deal is valued at about $800 million, including the purchase of 100% of President’s Choice Bank and the two PC Financial insurance entities. Investor materials point to an estimated $300 million pre‑tax credit markdown on the PC credit card receivables and roughly $230 million of identifiable intangibles, alongside fee and commission income from insurance distribution. Those marks are expected to accrete through earnings over several years.
EQ Bank itself has been scaling quickly, with several hundred thousand customers and close to C$10 billion in deposits as of late 2025. Adding PC Financial’s credit card, payments and insurance agency/broker platforms materially increases the size and granularity of its retail customer base, potentially making the combined group a more attractive partner for insurers looking to distribute through digital banking and loyalty channels.
OSFI’s review will focus not only on banking prudential issues but also on governance and risk management around the acquired insurance intermediaries, including how insurance distribution interacts with EQB’s cloud‑based technology stack and data‑rich loyalty environment.
