Competition Bureau sign‑off pushed EQB’s PC Financial deal a step closer
Digital financial services company EQB Inc’s bid to buy PC Financial cleared a key hurdle this week as the federal Competition Bureau signed off on the transaction.
It brings the challenger bank closer to folding one of Canada’s longest‑running retail banking brands into its fast‑growing digital platform.
The deal still requires approvals from the Office of the Superintendent of Financial Institutions and the federal finance minister.
EQB, parent of Equitable Bank and EQ Bank, agreed in December 2025 to acquire President’s Choice Bank, PC Financial Insurance Agency, PC Financial Insurance Brokers and related entities from Loblaw Companies.
Once completed, the transaction would see EQB become the exclusive financial partner to the PC Optimum program and expand the bank’s reach into Loblaw’s national grocery network.
“The Competition Bureau’s approval moves us closer to bringing together two banks built on a shared belief: Canadians deserve better,” Chadwick Westlake, EQB president and CEO, said.
“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.”
Banking scale and loyalty reach
“This approval is an important step forward in our long-term relationship with EQB that will materially improve how Canadians across the country experienced banking,” Richard Dufresne, chief financial officer at Loblaw, said.
“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.”
EQB brings more than $140 billion in combined assets under management and administration and ranks as Canada’s seventh‑largest bank by assets, with a concentration in alternative and uninsured mortgages and a growing broker‑facing franchise.
It reported lower first-quarter earnings compared with a year earlier. For the three months ended January 31, 2026, net income totaled $79.5 million, down from $107.7 million in the same period last year.
PC Financial, launched in 1998 inside Loblaw supermarkets as a no‑fee alternative for day‑to‑day banking and cards, evolved into a digital platform offering credit cards and the PC Money Account, rewarding everyday spending with PC Optimum points.
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