Federal finance minister approves EQB deal to buy PC Financial from Loblaw

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

TORONTO — EQB Inc. says it has received approval from the federal finance minster for its deal to acquire PC Financial from Loblaw Cos. Ltd., completing the regulatory review of its proposed acquisition.

The company says the decision follows a recommendation from the Office of the Superintendent of Financial Institutions and clearance from the Competition Bureau in March.

EQB says it expects the acquisition to close in the summer of this year, subject to customary closing conditions.

The company behind digital EQ Bank announced the deal to buy PC Financial from Loblaw late last year for $800 million in shares and cash.

Under the deal, it will acquire President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and other entities of PC Bank.

The transaction will see Loblaw take about a 16 per cent stake in the bank while EQ will become the exclusive financial partner of the PC Optimum loyalty program.

This report by The Canadian Press was first published May 5, 2026.