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TORONTO, ON — Customers of PC Financial and holders of PC credit cards are in for a change after Loblaw announced it will sell PC Financial to EQ Bank, a subsidiary of Equitable Bank.
Loblaw said Wednesday that EQ Bank will acquire PC Financial’s products and operations, including the PC Mastercard and the PC Money Account. The transaction requires regulatory approval and is expected to take several months to complete.
The company says customers will see no immediate changes and do not need to take any action. All terms and conditions for existing products will remain in place and PC Optimum points will continue to be earned as usual.
PC Financial and EQ Bank say the agreement reflects a shared goal of offering Canadians better value, improved service, and more transparency. They say combining the two brands will open the door to new product options once the deal closes.
EQ Bank, launched in 2016 and powered by Equitable Bank, manages more than $8 billion in deposits. Its parent company reports more than $74.1 billion in assets and bills itself as Canada’s challenger bank.
Loblaw says more details will be shared with customers in the months ahead as regulators review the deal.
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