What the deal means for borrowers and brokers
For Canada’s mortgage broker channel, the acquisition represents a meaningful shift in the country’s alternative lending landscape. EQB Inc. is the parent company of Equitable Bank, Canada’s seventh-largest Schedule I bank by assets, with approximately $150 billion in combined assets under management and administration.
Founded in Toronto in 1970, Equitable Bank built its franchise around residential mortgages, including alternative and uninsured products favoured by brokers, as well as commercial lending, reverse mortgages, and savings solutions. Its digital platform, EQ Bank, reported 633,000 customers as of the first quarter of fiscal 2026.
PC Financial, which has been a fixture of Canadian retail banking since launching inside Loblaw supermarkets in 1998, brought a dedicated customer base of more than 2.5 million accounts, credit cards under the PC Mastercard suite, and the PC Money Account — all tied to the PC Optimum loyalty program.
When EQB first announced the deal in December 2025, the transaction was structured as a long-term strategic partnership giving EQB exclusive access to Loblaw’s national retail and digital channels.
Based on EQB’s figures released when ministerial approval was secured in May 2026, the acquisition is expected to add approximately $5.8 billion in assets and $800 million in direct retail deposits to Equitable Bank’s balance sheet.