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EQB, the parent company of Equitable Bank, will acquire President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and other affiliated entities.CHRIS HELGREN/Reuters
EQB Inc. EQB-T will take over PC Financial from Loblaw Companies Ltd. L-T in a deal estimated at $800-million.
EQB, the parent company of Equitable Bank, will acquire President’s Choice Bank, PC Financial Insurance Agency Inc., PC Financial Insurance Brokers Inc. and certain other affiliated entities.
Once the deal closes, EQB will become the exclusive financial partner of the PC Optimum loyalty program for Loblaw.
EQB plans to purchase the bank for 1.15 times the book value at closing, excluding excess capital above a 13-per-cent common equity tier 1 (CET1) ratio – a measure of a lender’s ability to absorb losses. The deal is expected to close next year.
More to come
