EQB Inc. ‘s bid to buy pc financial cleared a key regulatory hurdle when the Competition Bureau approved the proposed takeover on March 6, 2026 ET. The approval advances the roughly $800-million deal announced in December that would transfer nearly 3. 5 million customers, retail pavilions and ATMs to EQ Bank while giving Loblaw a 16 per cent stake. The move is pitched by the parties as a regulatory milestone intended to deepen competition in Canada’s banking market.
Pc Financial: Deal terms and what cleared
The Competition Bureau’s clearance clears the way for EQ Bank to absorb pc financial’s customer base and in-store infrastructure, with Loblaw retaining a 16 per cent ownership stake in the bank and EQ Bank becoming the exclusive financial partner of the Optimum loyalty program. The transaction, valued at roughly $800 million in the announcement, would fold PC Financial’s retail pavilions and ATMs into EQ Bank’s platform and bring the combined entity greater scale. Key outstanding approvals remain from the Office of the Superintendent of Financial Institutions and the minister of finance.
Immediate reactions from officials and executives
Jeanne Pratt, Acting Commissioner, Competition Bureau: “In our view, disruption in this sector is not a luxury — it is a necessity. The sector needs new players to shake things up and create an environment where innovators can challenge incumbents, and where incumbents innovate and adapt. “
Chadwick Westlake, President and CEO, EQB Inc.: “The Competition Bureau’s approval moves us closer to bringing together two banks built on a shared belief: Canadians deserve better. Being a regulated Schedule I bank matters and gives us the strength and credibility to drive real, lasting change in Canadian banking. “
Richard Dufresne, Chief Financial Officer, Loblaw Companies Limited: “This approval is an important step forward in our long-term relationship with EQB that will materially improve how Canadians across the country experience banking. With EQ Bank’s digital platform and full-service banking capabilities working alongside PC Financial’s spending solutions and PC Optimum’s data-driven personalization and reach, we’re well positioned to deliver exceptional value for Canadians and enhance the rewards they earn. “
Background in brief
EQB announced the agreement to acquire pc financial from Loblaw in December. PC Financial was launched inside Loblaw supermarkets as a no-fee alternative for day-to-day banking and cards and later evolved into a digital platform offering credit cards and the PC Money Account, rewarding spending with PC Optimum points.
What’s next
With the Competition Bureau milestone in hand, the transaction now moves to the next regulatory checkpoints: approval by the Office of the Superintendent of Financial Institutions and sign-off from the federal minister of finance. EQB leadership has urged a timely process, arguing that faster approvals would accelerate benefits for consumers; the parties and regulators will now determine timing and any closing conditions. Observers should watch for formal decisions from OSFI and the finance minister that will decide whether the pc financial assets and customer relationships become part of EQ Bank.
