EQB completes PC Financial acquisition, adds two Loblaw nominees to board

A sign is displayed outside the headquarters of EQ Bank, a subsidiary of Equitable Group Inc, is seen in Toronto, Ontario, Canada May 1, 2017.

TORONTO — EQB Inc. says it completed its PC Financial acquisition on Wednesday.

In conjunction with the deal, EQB said two Loblaw nominees, George Weston Ltd. CEO Galen Weston and Loblaw CFO Richard Dufresne, will join its board of directors.

“This is about scaling growth to elevate competition — bringing more choice, better value and rewards for everyday Canadians. The next chapter of EQB’s evolution as Canada’s Challenger Bank starts now,” EQB CEO Chadwick Westlake said in a news release Wednesday.

EQB said it would acquire PC Financial in December and that it would pay $800 million in shares and cash, while Loblaw would take about a 16 per cent stake in the bank and EQ would become the exclusive financial partner of the PC Optimum loyalty program.

Following the acquisition, EQB said its customer base would expand to about four million and marks the start of its long-term strategic relationship with Loblaw.

In the coming months, EQB and Loblaw will begin to transition PC Bank clients to the EQB Bank platform.

EQB says there will be no immediate changes regarding the banking experience for PC Bank customers.

The PC Optimum program will continue to be owned and operated by Loblaw.

The Toronto-based lender said its third-quarter results will include one month of earnings from PC Financial.

This report by The Canadian Press was first published July 2, 2026.

Daniel Johnson, The Canadian Press