EQ Bank closes $495 million takeover of Concentra Bank

EQ Bank owner Equitable Group Inc. said Tuesday it has closed its takeover of Concentra Bank in a deal valued at $495 million.

The takeover of Concentra boosts Equitable's assets under management base by $13.6 billion to help it compete, said chief executive Andrew Moor.  

"Banking is a bit of a game of scale, especially in this digital world. So when we put Equitable and Concentra together we will be the seventh largest bank in Canada. That's a pretty meaningful jump."

Concentra operates under the Wyth Financial brand, and also has a Trust division that provides services largely to credit unions with $38.6 billion in assets under administration.