EQB completes acquisition of PC Financial, adds Galen G. Weston and Richard Dufresne to board

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Summary · why it matters

EQB Inc. has completed its acquisition of President's Choice Bank and related entities from Loblaw Companies Limited, marking a step change in EQB's position as Canada's Challenger Bank. The deal expands EQB's scale to serve nearly 4 million Canadians and establishes it as the exclusive financial services partner for the PC Optimum loyalty program with more than 18 million active members. EQB acquired PC Financial at 1.15 times book value, satisfied by issuing 7.2 million common shares to Loblaw and paying $234.5 million in cash. Loblaw now holds approximately 19.89% of EQB's outstanding common shares and intends to increase its stake up to a maximum of 25%. Galen G. Weston, Chairman and CEO of George Weston Limited and Chairman of Loblaw, and Richard Dufresne, President and CFO of George Weston Limited and CFO of Loblaw, have joined EQB's Board of Directors. There will be no immediate changes to the banking experience for PC Bank customers, and the PC Optimum program will continue to be owned and operated by Loblaw.

Impact on assets 1

Energy Transition & Power Demand▲ · 1 stocks

Off-coverage companies 4

EQB Inc.Private▲ Positive
Capitalrelevance

EQB completed acquisition of PC Financial, expanding scale and becoming exclusive financial services partner for PC Optimum program

President's Choice BankPrivate▲ Positive
Capitalrelevance

President's Choice Bank was acquired by EQB, with no immediate changes to customer experience

Loblaw Companies LimitedPrivate▲ Positive
Capitalrelevance

Loblaw sold PC Financial at 1.15x book value, receiving shares and cash, and now holds ~19.89% of EQB with intent to increase to 25%

George Weston LimitedPrivate± Mixed
relevance

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