TORONTO – EQB Inc. announced the successful completion of its acquisition of PC Financial on Wednesday. This significant move marks a pivotal moment in the financial landscape, as EQB aims to strengthen its position in the banking sector.

As part of the strategic acquisition, EQB will welcome two nominees from Loblaw onto its board of directors. Galen Weston, the CEO of George Weston Ltd., and Richard Dufresne, CFO of Loblaw, will join the board, highlighting the influential partnership between the two companies.

The acquisition, which EQB initially announced in December, involves a total payment of $800 million in a combination of shares and cash. Following this deal, Loblaw will hold approximately a 16 percent stake in EQB, reinforcing their financial alliance. Moreover, EQB will become the exclusive financial partner for the PC Optimum loyalty program, further integrating their services within the retail sector.

In the upcoming months, EQB and Loblaw plan to initiate the transition of PC Bank clients to the EQB Bank platform. This migration aims to enhance the banking experience for clients, leveraging EQB's capabilities and technology.

Importantly, EQB has assured PC Bank customers that there will be no immediate changes to their banking experience following the acquisition. Existing services will continue as usual, providing a seamless transition for clients during this merger.

Furthermore, it's worth noting that the PC Optimum program will remain under the ownership and operation of Loblaw, ensuring that customers can continue to benefit from their loyalty rewards without disruption.

This announcement was first made public on July 2, 2026, and indicates a significant shift in the relationship between EQB and Loblaw, as both companies strive to leverage their strengths for mutual growth in the financial sector.

Companies mentioned in this report include EQB Inc. and Loblaw Companies Limited, with EQB being publicly traded under the stock symbol (TSX: EQB).