{"success":true,"data":{"pressRelease":{"id":"20968","rtpr_id":"nPn6mKgpRa","ticker":"EQB","exchange":"TSX","all_tickers":["EQB","L"],"title":"EQB secures final approval for PC Financial acquisition and prepares for closing to bring competitive change to Canadian banking","author":"PR Newswire","published_at":"2026-05-05T12:05:01.069Z","article_body":"EQB secures final approval for PC Financial acquisition and prepares for closing to bring competitive change to Canadian banking\n\nPR Newswire\n\nTORONTO, May 5, 2026\n\n * Final approval from The Minister of Finance and National Revenue concludes the\nregulatory review process, clearing the path for the acquisition to be\ncompleted\n * This milestone enables EQB to work toward the closing of the acquisition and\naccelerating competition and innovation in Canadian banking with Canada's\nfirst ever Challenger-driven, loyalty-linked banking ecosystem\n * The acquisition and new long-term strategic relationship between EQB and\nLoblaw will unlock benefits for millions of Canadians, including more products\nand services, and, in the future, more ways to earn rewards\n * The acquisition is expected to close in the summer of 2026, subject to\ncustomary closing conditions\nTORONTO, May 5, 2026 /PRNewswire/ - EQB Inc. (\"EQB\") (TSX: EQB) and Loblaw\nCompanies Limited (\"Loblaw\") (TSX: L) announce that final approval has been\nreceived from the Federal Minister of Finance and National Revenue for EQB's\npreviously announced acquisition of PC Financial(1) from Loblaw (the\n\"Acquisition\"). The completion of the Acquisition will cement EQ Bank's\nposition as Canada's Challenger Bank™ and its unique ability to strengthen\ncompetition and drive innovation, while making a meaningful difference for\nmillions of Canadians at a time when it matters most.\n\n(https://mma.prnewswire.com/media/2972458/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.html)\n\nThe Minister's approval represents the successful conclusion of a\ncomprehensive regulatory review, following a recommendation from the Office of\nthe Superintendent of Financial Institutions (OSFI) and clearance from the\nCompetition Bureau in March 2026.\n\n\"We applaud the swift actions of the Federal government to enable us to move\nwith pace to drive improvement in banking competition, affordability and\ninnovation for Canadians,\" said Chadwick Westlake, President and CEO, EQB.\n\"This approval signals the government's clear commitment to strengthening\nCanada's economy and fostering competition and innovation here at home. It is\nan important step towards closing the acquisition of PC Financial and to\nbuilding a more dynamic banking system. We are focused on scaling a\nChallenger‑led, loyalty‑linked banking ecosystem that puts more choice,\nvalue and financial momentum in the hands of everyday Canadians.\"\n\nCompletion of the Acquisition will mark a step‑change for EQ Bank and for\nCanadian banking, unlocking the opportunity for EQB to offer Canadians\nrewarding and unique ways to save, spend, and earn at scale in communities\nfrom coast to coast. Through the Acquisition, EQB expects to expand its total\ncustomer base to 3.3 million Canadians and add approximately $5.8 billion in\nassets and $800 million in direct retail deposits. As the exclusive financial\nservices partner of PC Optimum™, one of Canada's most recognized and widely\nused loyalty platforms, EQB will be able to offer everyday banking, lending,\npayments, and rewards through a single integrated ecosystem to the more than\n18 million active PC Optimum™ loyalty members.\n\n\"This acquisition unlocks significant benefits for millions of PC Financial\ncustomers and PC Optimum™ members, including a wider variety of products,\nservices, and even more ways to earn rewards, while gaining access to EQ\nBank's leading digital platform for everyday banking,\" said Richard Dufresne,\nChief Financial Officer, Loblaw.\n\nWith the final regulatory approval obtained, EQB and Loblaw are preparing for\nthe closing of the Acquisition, which will combine PC Financial, including the\nPC Mastercard suite of products, with the award-winning EQ Bank banking\nplatform. Building on existing everyday banking, residential lending and\nreverse mortgage offerings, this will shape a complete, integrated Personal\nBanking business that raises the bar for what Canadians can expect from their\nbank.\n\nEQB and Loblaw are preparing for a successful transition of PC Financial to\nEQB. Following the closing of the Acquisition, there will be no immediate\nchanges to the EQ Bank or PC Financial customer experiences or products\noffered. EQB intends to share additional details in the coming months after\nthe Acquisition has been completed.\n\nAs previously announced, in connection with the closing of the Acquisition,\nEQB will enter into a long-term strategic commercial arrangement with Loblaw,\nbecoming the exclusive financial partner of the PC Optimum(™) loyalty\nprogram with access to Loblaw's national retail and digital channels to market\nfinancial services products.\n\nEQB expects the Acquisition to close in the summer of 2026, subject to\ncustomary closing conditions. EQB will include PC Financial's results in EQB's\nconsolidated financial results from the date of closing.\n\nDisclaimer\n\n1 On December 3, 2025, EQB and Loblaw entered into a definitive agreement\npursuant to which EQB will acquire PC Financial, which is comprised of\nPresident's Choice Bank (\"PC Bank\"), PC(®) Financial Insurance Agency Inc.,\nPC(®) Financial Insurance Brokers Inc. and certain other affiliated entities\nof PC Bank. In connection with the closing of the acquisition, EQB will enter\ninto a long-term strategic relationship with Loblaw pursuant to a commercial\nagreement to become the exclusive financial partner of the PC Optimum™\nloyalty program.\n\nAbout EQB Inc.\n\nEQB Inc. (TSX: EQB) is a leading digital financial services company with $142\nbillion in combined assets under management and administration (as at\nJanuary 31, 2026). It offers personal and commercial banking services through\nEquitable Bank, a wholly owned subsidiary and Canada's seventh largest bank\nby assets, and wealth management through ACM Advisors, a majority-owned\nsubsidiary specializing in alternative assets. As Canada's Challenger\nBank™, Equitable Bank has a clear mission to drive change in Canadian\nbanking to enrich people's lives. It leverages technology to deliver\nexceptional personal and commercial banking experiences and services to over\n800,000 customers and more than six million credit union members through its\nbusinesses. Through its digital EQ Bank platform (eqbank.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=438097616&u=https%3A%2F%2Fwww.eqbank.ca%2F&a=eqbank.ca)\n) its customers have named it one of Canada's top banks on the Forbes\nWorld's Best Banks list (2021 – 2025).\n\nTo learn more, please visit eqb.investorroom.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=4131504950&u=https%3A%2F%2Feqb.investorroom.com%2F&a=eqb.investorroom.com)\n or connect with us on LinkedIn\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=2329612301&u=https%3A%2F%2Fedge.prnewswire.com%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D4550742-1%26h%3D1142848263%26u%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fequitablebank%252F%26a%3DLinkedIn&a=LinkedIn)\n.\n\nAbout President's Choice Financial\n\nPC Financial(®), a trusted Canadian banking brand, provides unprecedented\nvalue to customers, simplifying financial products to help Canadians Live Life\nWell(®). Through the PC(®) Mastercard(®) and the PC Money™ Account, its\ndedicated base of 2.5 million customers save on banking fees and have earned\nmore than $1 billion worth of PC Optimum™ points to redeem for beauty,\ngroceries, gas, apparel, and other products at participating stores. The\ncompany is committed to being one of Canada's most diverse and inclusive\nemployers and makes it a priority to reflect this in its people and culture.\n\nEstablished in 1998, PC Financial(®) is a part of Loblaw Companies Limited.\nFor more information, visit pcfinancial.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=314694559&u=https%3A%2F%2Fwww.pcfinancial.ca%2F&a=pcfinancial.ca)\n.\n\nAbout Loblaw Companies Limited\n\nLoblaw is Canada's food and pharmacy leader, and the nation's largest\nretailer. Loblaw provides Canadians with grocery, pharmacy and health\nservices, other health and beauty products, apparel, general merchandise,\nfinancial services and wireless mobile products and services. With more than\n2,800 locations, Loblaw, its franchisees and Associate-owners employ more than\n220,000 full- and part-time employees, making it one of Canada's largest\nprivate sector employers.\n\nLoblaw's purpose – Live Life Well(®) – puts first the needs and\nwell-being of Canadians who make one billion transactions annually in the\ncompany's stores. Loblaw is positioned to meet and exceed those needs in many\nways: convenient locations; more than 1,100 grocery stores that span the value\nspectrum from discount to specialty; full-service pharmacies at nearly 1,400\nShoppers Drug Mart(®) and Pharmaprix(®) locations and in close to 500\ngrocery stores; PC Financial(®) services; affordable Joe Fresh(®) fashion\nand family apparel; and four of Canada's top-consumer brands in Life\nBrand(®), Farmer's Market™, no name(®) and President's Choice(®).\n\nFor more information, visit Loblaw's website at www.loblaw.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=3742406783&u=http%3A%2F%2Fwww.loblaw.ca%2F&a=www.loblaw.ca)\nand Loblaw's issuer profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=1059761862&u=http%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nInvestor contact for EQB Inc.:\nLemar Persaud \nVP and Head of Investor Relations\ninvestor_enquiry@eqb.com (mailto:investor_enquiry@eqb.com)   \n\nMedia contact for EQB Inc.:\nDanielle Mason\nDirector, PR & Communications \ndanielle.mason@eqbank.ca (mailto:danielle.mason@eqbank.ca)\n\nInvestor contact for Loblaw Companies Limited: \nRoy MacDonald\nVP, Investor Relations\ninvestor@loblaw.ca (mailto:investor@loblaw.ca)\n\nMedia contact for Loblaw Companies Limited:  \nScott Bonikowsky\nSVP, Corporate Affairs and Communication\npr@loblaw.ca (mailto:pr@loblaw.ca)\n\nForward Looking Information\n\nStatements made in this news release include forward-looking statements within\nthe meaning of applicable securities laws (\"forward looking statements\").\nGenerally, forward-looking statements can be identified by the use of\nforward-looking terminology such as \"plans\", \"expects\" or \"does not expect\",\n\"is expected\", \"budget\", \"scheduled\", \"guidance\", \"planned\", \"estimates\",\n\"forecasts\", \"outlook\", \"intends\", \"anticipates\" or \"does not anticipate\", or\n\"believes\", or variations of such words and phrases which state that certain\nactions, events or results \"may\", \"could\", \"would\", \"should\", \"might\" or \"will\nbe taken\", \"occur\", \"be achieved\", \"will likely\" or other similar expressions\nof future or conditional verbs. These statements include, but are not limited\nto, statements relating to each of EQB's and Loblaw's objectives, strategies\nand initiatives; financial performance expectations, whether with respect to\nEQB's or Loblaw's respective businesses, the Acquisition or the Canadian\neconomy; the expected impact of the Acquisition, including the expected impact\non EQB's size, operations, capabilities, growth drivers and opportunities,\nactivities, attributes, profile, business services portfolio and loans,\nrevenue and assets mix, market position, profitability, performance, and\nstrategy; the expected impact of the Acquisition on the Canadian economy and\nthe Canadian banking industry; the anticipated benefits of the Acquisition;\nexpectations regarding EQB's business model, plans and strategy;  the\nanticipated timing and the various steps to be completed in connection with\nthe Acquisition, including the anticipated timing for closing of the\nAcquisition; entering into the related commercial arrangement and future\ncommunications and disclosures regarding the Acquisition; the strategic fit\nand complementarity of PC Financial and EQB; anticipated synergies and\nestimated transaction and integration costs and the timing of incurrence\nthereof; EQB's financial performance objectives, vision and strategic goals;\nthe economic and market review and outlook, the outlook and priorities for\neach of EQB's business lines; the expected impact on PC Financial customers\nand employees, and statements by EQB and Loblaw representatives.\n\nForward-looking statements are subject to known and unknown risks,\nuncertainties and other factors that may cause the actual results, level of\nactivity, closing of transactions, performance or achievements of EQB or\nLoblaw to be materially different from those expressed or implied by such\nforward-looking statements, including but not limited to risks related to:\ncapital markets and additional funding requirements; fluctuating interest\nrates and general economic conditions including, without limitation, global\ngeopolitical risk, uncertainty arising from ongoing United States/Canada\ntariff concerns and related impacts; business acquisitions; legislative and\nregulatory developments; changes in accounting standards; the nature of EQB's\ncustomers and rates of default; the possibility that the Acquisition will not\nbe completed on the terms and conditions, or on the timing, currently\ncontemplated, and that it may not be completed at all due to a failure to\nobtain or satisfy, in a timely manner or otherwise, required conditions of\nclosing necessary to complete the Acquisition or for other reasons; the\npossibility of adverse reactions or changes in business relationships\nresulting from the announcement or completion of the Acquisition; the\nretention of key personnel of EQB and PC Bank; the integration of PC Financial\nand the realization of the anticipated benefits and synergies of the\nAcquisition in the timeframe anticipated, including impact and accretion in\nvarious financial metrics; competition; as well as those factors discussed\nunder the heading \"Risk Management\" in EQB's Annual MD&A and in EQB's\nother documents filed on SEDAR+ at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=327887162&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n, and, in respect of Loblaw, those factors discussed under the heading\n\"Enterprise Risks and Risk Management\" in Loblaw's Annual MD&A and in\nLoblaw's other documents filed on SEDAR+ at www.sedarplus.ca\n(http://www.sedarplus.ca) .\n\nAll material assumptions used in making forward-looking statements are based\non management's knowledge of current business conditions and expectations of\nfuture business conditions and trends, including their knowledge of the\ncurrent credit, interest rate, and liquidity conditions affecting EQB, Loblaw\nand the Canadian economy. Although each of EQB and Loblaw believes the\nassumptions used to make such statements are reasonable at this time and has\nattempted to identify above and in its respective continuous disclosure\ndocuments important factors that could cause actual results to differ\nmaterially from those contained in forward-looking statements, there may be\nother factors that cause results not to be as anticipated, estimated or\nintended. Certain material assumptions are applied by EQB and Loblaw in making\nforward-looking statements, including without limitation, the maintenance of\nEQB's CET1 ratio; EQB's ability to execute its transformation plan and\nstrategy; the successful and timely integration of EQB and PC Financial and\nthe realization of the anticipated benefits and synergies of the Acquisition\nin the timeframe anticipated, including impact and accretion in various\nfinancial metrics; the ability to retain management and key employees of PC\nFinancial; the ability of EQB to access the capital markets; the absence of\nsignificant undisclosed costs or liabilities associated with the Acquisition;\nthe expectation of regulatory stability; no downturn in economic conditions;\nsufficient liquidity and capital resources; no material changes in\ncompetition, market conditions or in government monetary, fiscal and economic\npolicies; the maintenance of credit ratings; assumptions regarding EQB's\ncontinued ability to fund its loan business, a continuation of the current\nlevel of economic uncertainty that affects real estate market conditions\nincluding, without limitation, continued acceptance of its products in the\nmarketplace; as well as no material changes in its operating cost structure\nand the current tax regime. There can be no assurance that such statements\nwill prove to be accurate, as actual results and future events could differ\nmaterially from those anticipated in such statements. Accordingly, readers\nshould not place undue reliance on forward-looking statements. Neither EQB nor\nLoblaw undertakes to update any forward-looking statements that are contained\nherein, except in accordance with applicable securities laws. Additional\ninformation on items of note, reported results, risk factors and assumptions\nrelated to forward-looking statements are available in EQB's Annual MD&A\nand Loblaw's Annual MD&A, and in each of EQB's and Loblaw's other public\nfilings available on SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca) .\n\nThis news release also contains future-oriented financial information (\"FOFI\")\nand information which could be considered to be in the nature of a \"financial\noutlook\". All FOFI contained in this news release is subject to the same\nassumptions, risk factors, limitations and qualifications as set forth herein.\nFOFI contained in this news release was made as of the date hereof, based on\ninformation available to EQB and Loblaw as of the date hereof, and is being\nprovided to assist investors in understanding the potential financial impact\nof the Acquisition. Such information may not be appropriate for other\npurposes. The actual results of operations of EQB may vary from the amounts\nset forth herein and such variation may be material. Each of EQB and Loblaw\ndisclaims any intention or obligation to update or revise any FOFI in this\nnews release, whether as a result of new information, future events or\notherwise, unless required pursuant to applicable securities laws.\n\n(https://mma.prnewswire.com/media/2972457/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.html)\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/eqb-secures-final-approval-for-pc-financial-acquisition-and-prepares-for-closing-to-bring-competitive-change-to-canadian-banking-302762107.html\n(https://www.prnewswire.com/news-releases/eqb-secures-final-approval-for-pc-financial-acquisition-and-prepares-for-closing-to-bring-competitive-change-to-canadian-banking-302762107.html)\n\nSOURCE EQB Inc.\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2972458/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.jpg\nhttps://mma.prnewswire.com/media/2972457/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved.","article_body_html":"","raw_payload":{"data":{"id":"nPn6mKgpRa","title":"EQB secures final approval for PC Financial acquisition and prepares for closing to bring competitive change to Canadian banking","author":"PR Newswire","ticker":"EQB","created":"2026-05-05T12:05:01.069Z","tickers":["EQB","L"],"exchange":"TSX","article_body":"EQB secures final approval for PC Financial acquisition and prepares for closing to bring competitive change to Canadian banking\n\nPR Newswire\n\nTORONTO, May 5, 2026\n\n * Final approval from The Minister of Finance and National Revenue concludes the\nregulatory review process, clearing the path for the acquisition to be\ncompleted\n * This milestone enables EQB to work toward the closing of the acquisition and\naccelerating competition and innovation in Canadian banking with Canada's\nfirst ever Challenger-driven, loyalty-linked banking ecosystem\n * The acquisition and new long-term strategic relationship between EQB and\nLoblaw will unlock benefits for millions of Canadians, including more products\nand services, and, in the future, more ways to earn rewards\n * The acquisition is expected to close in the summer of 2026, subject to\ncustomary closing conditions\nTORONTO, May 5, 2026 /PRNewswire/ - EQB Inc. (\"EQB\") (TSX: EQB) and Loblaw\nCompanies Limited (\"Loblaw\") (TSX: L) announce that final approval has been\nreceived from the Federal Minister of Finance and National Revenue for EQB's\npreviously announced acquisition of PC Financial(1) from Loblaw (the\n\"Acquisition\"). The completion of the Acquisition will cement EQ Bank's\nposition as Canada's Challenger Bank™ and its unique ability to strengthen\ncompetition and drive innovation, while making a meaningful difference for\nmillions of Canadians at a time when it matters most.\n\n(https://mma.prnewswire.com/media/2972458/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.html)\n\nThe Minister's approval represents the successful conclusion of a\ncomprehensive regulatory review, following a recommendation from the Office of\nthe Superintendent of Financial Institutions (OSFI) and clearance from the\nCompetition Bureau in March 2026.\n\n\"We applaud the swift actions of the Federal government to enable us to move\nwith pace to drive improvement in banking competition, affordability and\ninnovation for Canadians,\" said Chadwick Westlake, President and CEO, EQB.\n\"This approval signals the government's clear commitment to strengthening\nCanada's economy and fostering competition and innovation here at home. It is\nan important step towards closing the acquisition of PC Financial and to\nbuilding a more dynamic banking system. We are focused on scaling a\nChallenger‑led, loyalty‑linked banking ecosystem that puts more choice,\nvalue and financial momentum in the hands of everyday Canadians.\"\n\nCompletion of the Acquisition will mark a step‑change for EQ Bank and for\nCanadian banking, unlocking the opportunity for EQB to offer Canadians\nrewarding and unique ways to save, spend, and earn at scale in communities\nfrom coast to coast. Through the Acquisition, EQB expects to expand its total\ncustomer base to 3.3 million Canadians and add approximately $5.8 billion in\nassets and $800 million in direct retail deposits. As the exclusive financial\nservices partner of PC Optimum™, one of Canada's most recognized and widely\nused loyalty platforms, EQB will be able to offer everyday banking, lending,\npayments, and rewards through a single integrated ecosystem to the more than\n18 million active PC Optimum™ loyalty members.\n\n\"This acquisition unlocks significant benefits for millions of PC Financial\ncustomers and PC Optimum™ members, including a wider variety of products,\nservices, and even more ways to earn rewards, while gaining access to EQ\nBank's leading digital platform for everyday banking,\" said Richard Dufresne,\nChief Financial Officer, Loblaw.\n\nWith the final regulatory approval obtained, EQB and Loblaw are preparing for\nthe closing of the Acquisition, which will combine PC Financial, including the\nPC Mastercard suite of products, with the award-winning EQ Bank banking\nplatform. Building on existing everyday banking, residential lending and\nreverse mortgage offerings, this will shape a complete, integrated Personal\nBanking business that raises the bar for what Canadians can expect from their\nbank.\n\nEQB and Loblaw are preparing for a successful transition of PC Financial to\nEQB. Following the closing of the Acquisition, there will be no immediate\nchanges to the EQ Bank or PC Financial customer experiences or products\noffered. EQB intends to share additional details in the coming months after\nthe Acquisition has been completed.\n\nAs previously announced, in connection with the closing of the Acquisition,\nEQB will enter into a long-term strategic commercial arrangement with Loblaw,\nbecoming the exclusive financial partner of the PC Optimum(™) loyalty\nprogram with access to Loblaw's national retail and digital channels to market\nfinancial services products.\n\nEQB expects the Acquisition to close in the summer of 2026, subject to\ncustomary closing conditions. EQB will include PC Financial's results in EQB's\nconsolidated financial results from the date of closing.\n\nDisclaimer\n\n1 On December 3, 2025, EQB and Loblaw entered into a definitive agreement\npursuant to which EQB will acquire PC Financial, which is comprised of\nPresident's Choice Bank (\"PC Bank\"), PC(®) Financial Insurance Agency Inc.,\nPC(®) Financial Insurance Brokers Inc. and certain other affiliated entities\nof PC Bank. In connection with the closing of the acquisition, EQB will enter\ninto a long-term strategic relationship with Loblaw pursuant to a commercial\nagreement to become the exclusive financial partner of the PC Optimum™\nloyalty program.\n\nAbout EQB Inc.\n\nEQB Inc. (TSX: EQB) is a leading digital financial services company with $142\nbillion in combined assets under management and administration (as at\nJanuary 31, 2026). It offers personal and commercial banking services through\nEquitable Bank, a wholly owned subsidiary and Canada's seventh largest bank\nby assets, and wealth management through ACM Advisors, a majority-owned\nsubsidiary specializing in alternative assets. As Canada's Challenger\nBank™, Equitable Bank has a clear mission to drive change in Canadian\nbanking to enrich people's lives. It leverages technology to deliver\nexceptional personal and commercial banking experiences and services to over\n800,000 customers and more than six million credit union members through its\nbusinesses. Through its digital EQ Bank platform (eqbank.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=438097616&u=https%3A%2F%2Fwww.eqbank.ca%2F&a=eqbank.ca)\n) its customers have named it one of Canada's top banks on the Forbes\nWorld's Best Banks list (2021 – 2025).\n\nTo learn more, please visit eqb.investorroom.com\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=4131504950&u=https%3A%2F%2Feqb.investorroom.com%2F&a=eqb.investorroom.com)\n or connect with us on LinkedIn\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=2329612301&u=https%3A%2F%2Fedge.prnewswire.com%2Fc%2Flink%2F%3Ft%3D0%26l%3Den%26o%3D4550742-1%26h%3D1142848263%26u%3Dhttps%253A%252F%252Fwww.linkedin.com%252Fcompany%252Fequitablebank%252F%26a%3DLinkedIn&a=LinkedIn)\n.\n\nAbout President's Choice Financial\n\nPC Financial(®), a trusted Canadian banking brand, provides unprecedented\nvalue to customers, simplifying financial products to help Canadians Live Life\nWell(®). Through the PC(®) Mastercard(®) and the PC Money™ Account, its\ndedicated base of 2.5 million customers save on banking fees and have earned\nmore than $1 billion worth of PC Optimum™ points to redeem for beauty,\ngroceries, gas, apparel, and other products at participating stores. The\ncompany is committed to being one of Canada's most diverse and inclusive\nemployers and makes it a priority to reflect this in its people and culture.\n\nEstablished in 1998, PC Financial(®) is a part of Loblaw Companies Limited.\nFor more information, visit pcfinancial.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=314694559&u=https%3A%2F%2Fwww.pcfinancial.ca%2F&a=pcfinancial.ca)\n.\n\nAbout Loblaw Companies Limited\n\nLoblaw is Canada's food and pharmacy leader, and the nation's largest\nretailer. Loblaw provides Canadians with grocery, pharmacy and health\nservices, other health and beauty products, apparel, general merchandise,\nfinancial services and wireless mobile products and services. With more than\n2,800 locations, Loblaw, its franchisees and Associate-owners employ more than\n220,000 full- and part-time employees, making it one of Canada's largest\nprivate sector employers.\n\nLoblaw's purpose – Live Life Well(®) – puts first the needs and\nwell-being of Canadians who make one billion transactions annually in the\ncompany's stores. Loblaw is positioned to meet and exceed those needs in many\nways: convenient locations; more than 1,100 grocery stores that span the value\nspectrum from discount to specialty; full-service pharmacies at nearly 1,400\nShoppers Drug Mart(®) and Pharmaprix(®) locations and in close to 500\ngrocery stores; PC Financial(®) services; affordable Joe Fresh(®) fashion\nand family apparel; and four of Canada's top-consumer brands in Life\nBrand(®), Farmer's Market™, no name(®) and President's Choice(®).\n\nFor more information, visit Loblaw's website at www.loblaw.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=3742406783&u=http%3A%2F%2Fwww.loblaw.ca%2F&a=www.loblaw.ca)\nand Loblaw's issuer profile at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=1059761862&u=http%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n.\n\nInvestor contact for EQB Inc.:\nLemar Persaud \nVP and Head of Investor Relations\ninvestor_enquiry@eqb.com (mailto:investor_enquiry@eqb.com)   \n\nMedia contact for EQB Inc.:\nDanielle Mason\nDirector, PR & Communications \ndanielle.mason@eqbank.ca (mailto:danielle.mason@eqbank.ca)\n\nInvestor contact for Loblaw Companies Limited: \nRoy MacDonald\nVP, Investor Relations\ninvestor@loblaw.ca (mailto:investor@loblaw.ca)\n\nMedia contact for Loblaw Companies Limited:  \nScott Bonikowsky\nSVP, Corporate Affairs and Communication\npr@loblaw.ca (mailto:pr@loblaw.ca)\n\nForward Looking Information\n\nStatements made in this news release include forward-looking statements within\nthe meaning of applicable securities laws (\"forward looking statements\").\nGenerally, forward-looking statements can be identified by the use of\nforward-looking terminology such as \"plans\", \"expects\" or \"does not expect\",\n\"is expected\", \"budget\", \"scheduled\", \"guidance\", \"planned\", \"estimates\",\n\"forecasts\", \"outlook\", \"intends\", \"anticipates\" or \"does not anticipate\", or\n\"believes\", or variations of such words and phrases which state that certain\nactions, events or results \"may\", \"could\", \"would\", \"should\", \"might\" or \"will\nbe taken\", \"occur\", \"be achieved\", \"will likely\" or other similar expressions\nof future or conditional verbs. These statements include, but are not limited\nto, statements relating to each of EQB's and Loblaw's objectives, strategies\nand initiatives; financial performance expectations, whether with respect to\nEQB's or Loblaw's respective businesses, the Acquisition or the Canadian\neconomy; the expected impact of the Acquisition, including the expected impact\non EQB's size, operations, capabilities, growth drivers and opportunities,\nactivities, attributes, profile, business services portfolio and loans,\nrevenue and assets mix, market position, profitability, performance, and\nstrategy; the expected impact of the Acquisition on the Canadian economy and\nthe Canadian banking industry; the anticipated benefits of the Acquisition;\nexpectations regarding EQB's business model, plans and strategy;  the\nanticipated timing and the various steps to be completed in connection with\nthe Acquisition, including the anticipated timing for closing of the\nAcquisition; entering into the related commercial arrangement and future\ncommunications and disclosures regarding the Acquisition; the strategic fit\nand complementarity of PC Financial and EQB; anticipated synergies and\nestimated transaction and integration costs and the timing of incurrence\nthereof; EQB's financial performance objectives, vision and strategic goals;\nthe economic and market review and outlook, the outlook and priorities for\neach of EQB's business lines; the expected impact on PC Financial customers\nand employees, and statements by EQB and Loblaw representatives.\n\nForward-looking statements are subject to known and unknown risks,\nuncertainties and other factors that may cause the actual results, level of\nactivity, closing of transactions, performance or achievements of EQB or\nLoblaw to be materially different from those expressed or implied by such\nforward-looking statements, including but not limited to risks related to:\ncapital markets and additional funding requirements; fluctuating interest\nrates and general economic conditions including, without limitation, global\ngeopolitical risk, uncertainty arising from ongoing United States/Canada\ntariff concerns and related impacts; business acquisitions; legislative and\nregulatory developments; changes in accounting standards; the nature of EQB's\ncustomers and rates of default; the possibility that the Acquisition will not\nbe completed on the terms and conditions, or on the timing, currently\ncontemplated, and that it may not be completed at all due to a failure to\nobtain or satisfy, in a timely manner or otherwise, required conditions of\nclosing necessary to complete the Acquisition or for other reasons; the\npossibility of adverse reactions or changes in business relationships\nresulting from the announcement or completion of the Acquisition; the\nretention of key personnel of EQB and PC Bank; the integration of PC Financial\nand the realization of the anticipated benefits and synergies of the\nAcquisition in the timeframe anticipated, including impact and accretion in\nvarious financial metrics; competition; as well as those factors discussed\nunder the heading \"Risk Management\" in EQB's Annual MD&A and in EQB's\nother documents filed on SEDAR+ at www.sedarplus.ca\n(https://edge.prnewswire.com/c/link/?t=0&l=en&o=4680495-1&h=327887162&u=https%3A%2F%2Fwww.sedarplus.ca%2F&a=www.sedarplus.ca)\n, and, in respect of Loblaw, those factors discussed under the heading\n\"Enterprise Risks and Risk Management\" in Loblaw's Annual MD&A and in\nLoblaw's other documents filed on SEDAR+ at www.sedarplus.ca\n(http://www.sedarplus.ca) .\n\nAll material assumptions used in making forward-looking statements are based\non management's knowledge of current business conditions and expectations of\nfuture business conditions and trends, including their knowledge of the\ncurrent credit, interest rate, and liquidity conditions affecting EQB, Loblaw\nand the Canadian economy. Although each of EQB and Loblaw believes the\nassumptions used to make such statements are reasonable at this time and has\nattempted to identify above and in its respective continuous disclosure\ndocuments important factors that could cause actual results to differ\nmaterially from those contained in forward-looking statements, there may be\nother factors that cause results not to be as anticipated, estimated or\nintended. Certain material assumptions are applied by EQB and Loblaw in making\nforward-looking statements, including without limitation, the maintenance of\nEQB's CET1 ratio; EQB's ability to execute its transformation plan and\nstrategy; the successful and timely integration of EQB and PC Financial and\nthe realization of the anticipated benefits and synergies of the Acquisition\nin the timeframe anticipated, including impact and accretion in various\nfinancial metrics; the ability to retain management and key employees of PC\nFinancial; the ability of EQB to access the capital markets; the absence of\nsignificant undisclosed costs or liabilities associated with the Acquisition;\nthe expectation of regulatory stability; no downturn in economic conditions;\nsufficient liquidity and capital resources; no material changes in\ncompetition, market conditions or in government monetary, fiscal and economic\npolicies; the maintenance of credit ratings; assumptions regarding EQB's\ncontinued ability to fund its loan business, a continuation of the current\nlevel of economic uncertainty that affects real estate market conditions\nincluding, without limitation, continued acceptance of its products in the\nmarketplace; as well as no material changes in its operating cost structure\nand the current tax regime. There can be no assurance that such statements\nwill prove to be accurate, as actual results and future events could differ\nmaterially from those anticipated in such statements. Accordingly, readers\nshould not place undue reliance on forward-looking statements. Neither EQB nor\nLoblaw undertakes to update any forward-looking statements that are contained\nherein, except in accordance with applicable securities laws. Additional\ninformation on items of note, reported results, risk factors and assumptions\nrelated to forward-looking statements are available in EQB's Annual MD&A\nand Loblaw's Annual MD&A, and in each of EQB's and Loblaw's other public\nfilings available on SEDAR+ at www.sedarplus.ca (http://www.sedarplus.ca) .\n\nThis news release also contains future-oriented financial information (\"FOFI\")\nand information which could be considered to be in the nature of a \"financial\noutlook\". All FOFI contained in this news release is subject to the same\nassumptions, risk factors, limitations and qualifications as set forth herein.\nFOFI contained in this news release was made as of the date hereof, based on\ninformation available to EQB and Loblaw as of the date hereof, and is being\nprovided to assist investors in understanding the potential financial impact\nof the Acquisition. Such information may not be appropriate for other\npurposes. The actual results of operations of EQB may vary from the amounts\nset forth herein and such variation may be material. Each of EQB and Loblaw\ndisclaims any intention or obligation to update or revise any FOFI in this\nnews release, whether as a result of new information, future events or\notherwise, unless required pursuant to applicable securities laws.\n\n(https://mma.prnewswire.com/media/2972457/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.html)\n\nView original content to download\nmultimedia:https://www.prnewswire.com/news-releases/eqb-secures-final-approval-for-pc-financial-acquisition-and-prepares-for-closing-to-bring-competitive-change-to-canadian-banking-302762107.html\n(https://www.prnewswire.com/news-releases/eqb-secures-final-approval-for-pc-financial-acquisition-and-prepares-for-closing-to-bring-competitive-change-to-canadian-banking-302762107.html)\n\nSOURCE EQB Inc.\n\n\n\nPhoto: \nhttps://mma.prnewswire.com/media/2972458/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.jpg\nhttps://mma.prnewswire.com/media/2972457/EQB_Inc__EQB_secures_final_approval_for_PC_Financial_acquisition.jpg\n\nCopyright (c) 2026 PR Newswire Association,LLC. All Rights Reserved."},"type":"article","timestamp":"2026-05-05T12:05:01.111402188Z","server_sent_at_ms":1777982701111},"received_at":"2026-05-05T12:05:01.227Z","source_url":"https://www.prnewswire.com/news-releases/eqb-secures-final-approval-for-pc-financial-acquisition-and-prepares-for-closing-to-bring-competitive-change-to-canadian-banking-302762107.html"},"analysis":{"id":"15549","press_release_id":"20968","analysis_json":{"industry":{"label":"Banks","sector":"Financials"},"redFlags":[],"eventType":"m_and_a","narrative":"EQB received final approval from the Minister of Finance to complete its acquisition of PC Financial from Loblaw, clearing all regulatory hurdles.\n\nThe acquisition is expected to close in summer 2026 and will expand EQB's customer base to 3.3 million Canadians while adding $5.8 billion in assets and $800 million in deposits.\n\nEQB will become the exclusive financial partner of PC Optimum's 18 million active loyalty members, creating Canada's first challenger-driven, loyalty-linked banking ecosystem.","sentiment":"bullish","agentHooks":{"shouldPost":true,"suggestedAngle":"Final regulatory approval clears path for transformative PC Financial acquisition, positioning EQB as Canada's leading challenger bank."},"keyFigures":{"customDimensions":{"combined_aum":"$142 billion","assets_acquired":"$5.8 billion","deposits_acquired":"$800 million","pc_optimum_members":"18 million","total_customers_post_acquisition":"3.3 million"}},"quotedText":"We applaud the swift actions of the Federal government to enable us to move with pace to drive improvement in banking competition, affordability and innovation for Canadians","namedEntities":{"people":[{"name":"Chadwick Westlake","role":"President and CEO, EQB"},{"name":"Richard Dufresne","role":"Chief Financial Officer, Loblaw"}],"products":["PC Financial","PC Optimum","PC Mastercard","EQ Bank"],"companies":[{"name":"EQB Inc.","ticker":"EQB"},{"name":"Loblaw Companies Limited","ticker":"L","relationship":"partner/seller"},{"name":"President's Choice Bank","relationship":"acquired entity"},{"name":"PC Financial","relationship":"acquired entity"}],"dollarAmounts":[{"amount":"$5.8 billion","context":"assets to be acquired"},{"amount":"$800 million","context":"direct retail deposits to be added"},{"amount":"$142 billion","context":"combined assets under management and administration"},{"amount":"more than $1 billion","context":"worth of PC Optimum points earned by customers"}]},"materialImpact":{"score":4,"reasoning":"Final regulatory approval secured for transformative acquisition that will expand EQB's customer base to 3.3M, add $5.8B in assets and $800M in deposits, and create Canada's first challenger-driven, loyalty-linked banking ecosystem."},"tickerRelevance":{"others":[{"ticker":"L","relevance":"partner"}],"primary":"EQB"},"globalImportance":35,"audienceRelevance":40,"eventTypeSecondary":["partnership"],"importanceComponents":{"dealScale":"multi-billion-dollar-asset-acquisition","tickerTier":"mid-cap","eventGravity":"major-acquisition-final-approval","sectorWeight":"financials"}},"event_type":"m_and_a","event_type_secondary":["partnership"],"sentiment":"bullish","material_impact_score":4,"narrative":"EQB received final approval from the Minister of Finance to complete its acquisition of PC Financial from Loblaw, clearing all regulatory hurdles.\n\nThe acquisition is expected to close in summer 2026 and will expand EQB's customer base to 3.3 million Canadians while adding $5.8 billion in assets and $800 million in deposits.\n\nEQB will become the exclusive financial partner of PC Optimum's 18 million active loyalty members, creating Canada's first challenger-driven, loyalty-linked banking ecosystem.","key_figures":{"customDimensions":{"combined_aum":"$142 billion","assets_acquired":"$5.8 billion","deposits_acquired":"$800 million","pc_optimum_members":"18 million","total_customers_post_acquisition":"3.3 million"}},"named_entities":{"people":[{"name":"Chadwick Westlake","role":"President and CEO, EQB"},{"name":"Richard Dufresne","role":"Chief Financial Officer, Loblaw"}],"products":["PC Financial","PC Optimum","PC Mastercard","EQ Bank"],"companies":[{"name":"EQB Inc.","ticker":"EQB"},{"name":"Loblaw Companies Limited","ticker":"L","relationship":"partner/seller"},{"name":"President's Choice Bank","relationship":"acquired entity"},{"name":"PC Financial","relationship":"acquired entity"}],"dollarAmounts":[{"amount":"$5.8 billion","context":"assets to be acquired"},{"amount":"$800 million","context":"direct retail deposits to be added"},{"amount":"$142 billion","context":"combined assets under management and administration"},{"amount":"more than $1 billion","context":"worth of PC Optimum points earned by customers"}]},"model_name":"glm-4.7","prompt_hash":"sha256:a2703c5a1b5285fe","schema_hash":"sha256:1f8af1196c7db48c","created_at":"2026-05-05T14:27:14.806Z","global_importance":35,"audience_relevance":40,"importance_components":{"dealScale":"multi-billion-dollar-asset-acquisition","tickerTier":"mid-cap","eventGravity":"major-acquisition-final-approval","sectorWeight":"financials"}},"durationMs":104752,"modelName":"glm-4.7"}}