EQB, Owner of EQ Bank, to Acquire PC Financial
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EQB, parent company to EQ Bank, is set to acquire PC Financial from Loblaws Companies Ltd. in 2026.
Loblaws Co. Ltd., will take around a 16% ownership stake in the bank, letting the company focus on their core retail business while also positioning their PC Financial products for improved long-term growth.
With the acquisition, EQ Bank stands to grow their customer base from 607,000 to around 3.5 million, as well as become the exclusive financial partner with popular loyalty program PC Optimum.
This new relationship between EQB and Loblaw will yield significant benefits to our customers, and those of EQ Bank. PC Financial’s products will be better positioned for long-term growth under EQB’s ownership, while maintaining the high level of quality and care our customers expect
– Loblaw CFO Richard Dufresne
What are EQB and PC Financial?
EQB
EQB is the owner of EQ Bank, a digital-first Canadian bank that offers customers a range of financial products. It’s known for offering strong interest rates, limited to no fees, no FX card options, and more.
Examples of EQ Bank financial products include:
PC Financial
PC Financial is the financial division of the Loblaws Companies Ltd. and offers multiple PC Optimum-earning credit cards and the PC Money Account, including:
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$50Total$50Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $50
- Welcome offerAfter $100 in 60 days
- 50,000 points
Apply Now
on PC Financial's website
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$50Total$50Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $50
- Welcome offerAfter $100 in 60 days
- 50,000 points
Apply Now
on PC Financial's website
- Annual fee
- $0
- Our valuationMilesopedia first-year estimate First-year valueWelcome bonus$50Total$50Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $50
- Welcome offerAfter $100 in 60 days
- 50,000 points
Apply Now
on PC Financial's website
- Annual feeNo annual fee the first year
- $0 $120
- Our valuationMilesopedia first-year estimate First-year valueAnnual fee rebated$120Total$120Rewards on your spending are not included. The calculator that adds them from your own profile is on the card's page.
- $120
- Welcome offer$120 annual fee rebated
- First Year Annual Fee Rebate
Apply Now
on PC Financial's website
What Does This Mean for EQ Bank and PC Financial Customers?
Complete details on the acquisition have not yet been released, but for now we know the following:
- EQ customers will gain access to the 600+ ATMs across Canada and the 180+ in-store banking pavilions
- All banking and insurance done through PC Financial, including President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc., and other entities of PC Bank will soon be under the EQB umbrella
- EQ Bank customers will likely see an integration of the PC Optimum program into their banking products, giving them new ways to earn
- Over time, the PC Financial brand will disappear, with its products being rebranded under the EQ Bank umbrella
Bottom Line
EQB, owner of EQ Bank, is set to acquire PC Financial in 2026, bringing together an innovative digital-first bank with the popular PC Optimum loyalty program.
While the details of how exactly this will affect all EQ Bank and PC Financial customers have not yet been outlined, we expect that communications will go out in 2026 once the deal is finalized.
To learn more about EQ Bank, the soon-to-be new owner of PC Financial, check out our related articles below:
FAQs
Which PC Financial products will be affected by the acquisition?
All of PC Financial products are being acquired by EQB and will fall under their umbrella at some point in 2026.
How this transition will affect customers has not yet been outlined, so EQ Bank and PC Financial customers will have to wait for more details coming in 2026.
Will I still be able to use my PC Financial credit card?
Yes. PC Financial credit cards will remain active. However, over time these cards will likely be replaced with EQ-branded cards.
Can I still earn PC Optimum points with my PC Financial credit card?
Yes. PC Financial credit cards will continue to earn PC Optimum points as normal while the acquisition is being finalized.
After the acquisition is complete, it’s possible that earning rates will be adjusted but PC Optimum is expected to remain the reward currency for these cards and perhaps even more products under the EQB umbrella.
