Digital bank still needs OSFI and federal finance minister sign-off to close Loblaw deal
EQB Inc. has cleared a key Competition Bureau hurdle in its plan to buy President's Choice Bank and related PC Financial operations from Loblaw Companies Limited, moving the proposed bank–retail deal closer to completion.
EQB and Loblaw say the Competition Bureau has approved EQB’s proposed acquisition of President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and related PC Bank entities, collectively known as PC Financial.
The transaction still requires approval by the Office of the Superintendent of Financial Institutions and the Minister of Finance.
EQB positions the deal as a way to combine its Schedule I banking platform with PC Financial's spending-focused offering and loyalty links.
EQB president and CEO Chadwick Westlake said the Competition Bureau’s approval advances EQB’s plan to combine two banks that share the view that “Canadians deserve better.”
He said EQB’s status as a regulated Schedule I bank supports the rollout of loyalty‑linked products and everyday spending solutions across a broader customer base.
Loblaw underlined the role of EQ Bank's digital capabilities alongside PC Financial's existing spend and loyalty footprint.
Loblaw Companies Limited CFO Richard Dufresne said the approval advances the retailer’s long‑term partnership with EQB and will change how Canadians experience banking.
He said the plan brings together EQ Bank’s digital platform, PC Financial’s spending solutions and PC Optimum’s data‑driven personalisation and reach.
The companies have previously said that, once completed, the acquisition will expand access to banking options for millions of Canadians.
