Overview
- Loblaw will receive about a 16% stake in EQB, with an option to increase to 25%, and two seats on EQB’s board.
- The deal adds roughly 3.5 million customers, including more than two million active PC Mastercard clients, and about $5.8 billion in assets to EQB.
- Loblaw will continue to own and operate PC Optimum, EQB becomes the exclusive financial partner, and points balances and the app remain unchanged.
- EQB will acquire President’s Choice Bank and PC Financial insurance subsidiaries, gaining access to more than 180 in‑store banking pavilions and over 600 ATMs.
- Customers should expect no immediate changes, with a phased transition that will see the EQ Bank brand replace PC Financial over time after approvals.