Competition Bureau clears EQ Bank takeover of PC Financial from Loblaw
BNN Bloomberg
The firm behind EQ Bank is a big step closer to buying PC Financial after the Competition Bureau, which says it’s looking to “disrupt” the financial sector, cleared the proposed takeover.
EQB Inc. and Loblaw Cos. Ltd. said Friday the approval represents an important regulatory milestone for the $800-million deal that was announced in December.
The proposal would see EQ Bank take over PC Financials’ nearly 3.5 million customers and its retail pavilions and ATMs, while Loblaw would take a 16 per cent stake in the bank. EQ Bank would also become the exclusive financial partner of the Optimum loyalty program.
The deal still requires approval by the Office of the Superintendent of Financial Institutions and the minister of finance.
The announced approval from the Competition Bureau came a day after acting commissioner Jeanne Pratt said in a speech that the agency was especially looking to boost competition in the financial sector.
“In our view, disruption in this sector is not a luxury — it is a necessity,” she said in prepared remarks.
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