A digital financial services company is buying PC Financial. Here’s what it means for PC Optimum points collectors

A PC Optimum loyalty card is pictured in a photo illustration in Toronto, Thursday, Dec. 4, 2025. THE CANADIAN PRESS/Giordano Ciampini

Avid PC Optimum points users might be wondering what will become of the loyalty program as EQB Inc. plans to take over PC Financial from Loblaw Cos. Ltd. and become the exclusive financial partner of the loyalty program.

Loblaw spokeswoman Catherine Thomas assures loyalty program members will continue to be able to earn, hold and redeem points as usual and that their points will not be affected.

She also said the PC Optimum app will not change. The loyalty program has more than 17 million members.

EQB Inc., the company behind the online-only EQ Bank, is buying PC Financial from Loblaw Cos. Ltd. for $800 million in shares and cash. Loblaw will continue to own and operate the PC Optimum loyalty program.

EQB chief executive Chadwick Westlake says PC Financial customers will also not see any immediate changes as the deal awaits regulatory approvals.

He says the bank will communicate with customers about how it will integrate the two brands and what users can expect from their everyday banking products after the deal is approved.

“It’s early days, but once we receive regulatory approvals, this will create one of Canada’s largest loyalty-linked banking ecosystems,” Westlake said.

It’s a substantial deal for EQ Bank, which is the last of the smaller publicly-traded banks left in Canada after Laurentian Bank announced Tuesday it was being split up and sold to Fairstone Bank and National Bank. Other mid-size banks sold in recent years include Canadian Western Bank and HSBC Canada, which were bought by National and RBC, respectively.

This latest deal will expand EQ’s customer base by about 3.5 million, including more than two million active PC Mastercard clients, compared with EQ Bank’s customer base of 607,000. It also adds about $5.8 billion in assets to EQB’s existing $138 billion in assets.

The deal is expected to close in 2026 and is subject to closing conditions and regulatory approvals.

After the acquisition is finalized, EQ Bank will have full control over PC Financial’s banking experience, said Natasha Macmillan, senior business director of everyday banking at Ratehub.ca.

“We expect to see a phased rebrand and platform migration over time,” she said. That means existing PC Financial accounts and credit cards will likely undergo some kind of transition.

Macmillan warned customers to watch for potential changes to fees, interest rates and account features. She said this could be a good time for PC Financial customers to reassess their needs and see if EQ Bank is the right fit.

This report by The Canadian Press was first published Dec. 4, 2025.

Ritika Dubey, The Canadian Press