EQB Inc. and Loblaw Companies Limited have entered into a definitive agreement for EQB to acquire President's Choice Bank and affiliated entities, including PC Financial Insurance Agency Inc. and PC Financial Insurance Brokers Inc. The transaction, announced December 3, 2025, is valued at an estimated $800 million at 1.15 times book value at closing.

The consideration comprises 7.2 million EQB common shares, representing approximately 16% of outstanding shares, with the balance in cash. Prior to closing, Loblaw will receive approximately $500 million in excess capital and other value from PC Bank, bringing estimated total value to $1.3 billion. Upon completion, Loblaw will hold a minimum 17% stake in EQB.

The acquisition includes the PC Mastercard portfolio, one of Canada's largest with more than two million active accounts. EQB anticipates annual run-rate cost synergies of $30 million pre-tax, with one-time acquisition and integration costs estimated at $105 million.

As part of the transaction, EQB will enter into a 12-year strategic partnership with Loblaw as the exclusive financial partner of the PC Optimum loyalty program. Closing is expected within calendar 2026, subject to regulatory approvals.

RBC Capital Markets is acting as lead financial advisor to EQB, with Blake, Cassels & Graydon LLP as legal counsel. CIBC Capital Markets is acting as exclusive financial advisor to Loblaw, with Torys LLP as legal advisor.