Equitable Bank parent company EQB is buying PC Financial from Loblaw, bringing two banking challengers together in what appears to be a bid to better take on Canada’s Big Five banks.

The $800-million deal, which will also make EQ Bank the exclusive financial partner of the PC Optimum rewards program, was announced on Wednesday evening. The combined digital bank will represent nearly 3.5 million banking customers and more than 17 million PC Optimum members. The deal will also give Loblaw ownership of 17 percent of EQB stock.

“[This is a] rare example of a merger that we probably don’t have to worry about.”

EQB said in a news release that the deal will “bring together two made-in-Canada brands to drive change in banking with a louder voice to champion consumer interests.”

EQ, an online b

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