EQB Inc., parent company of EQ Bank, is set to purchase PC Financial from Loblaw Companies Ltd. in an $800-million cash-and-share deal, raising questions for the more than 17 million Canadians who rely on the PC Optimum loyalty program. But both companies say points collectors have nothing to worry about.
Loblaw spokesperson Catherine Thomas confirmed that PC Optimum members will continue to earn, redeem and store their points exactly as they do now, and that the PC Optimum app will remain unchanged. Loblaw will continue to own and operate the loyalty program even after EQB becomes its exclusive financial partner.
EQB CEO Chadwick Westlake said PC Financial customers will not see immediate changes, as the deal still requires regulatory approval. Once approved, EQ Bank will share details on how the brands will integrate and what customers can expect regarding their day-to-day banking products.
“It’s early days, but once we receive regulatory approvals, this will create one of Canada’s largest loyalty-linked banking ecosystems,” Westlake said.
The acquisition marks a major expansion for EQ Bank at a time when Canada’s mid-size banking landscape is shrinking. With Laurentian Bank being split and sold earlier this week—and other regional banks like CWB and HSBC Canada recently acquired—EQ Bank is now the last remaining smaller publicly traded bank in the country.
The deal will grow EQB’s customer base by about 3.5 million people, including more than two million active PC Mastercard holders. EQB will also gain roughly $5.8 billion in additional assets, increasing its total to about $144 billion. The transaction is expected to close in 2026, pending regulatory approval and other conditions.
Once finalized, EQ Bank will assume full responsibility for PC Financial’s banking operations. Natasha Macmillan, senior business director at Ratehub.ca, said customers should expect a gradual rebrand and platform migration.
“Existing PC Financial accounts and credit cards will likely undergo some kind of transition,” Macmillan said, advising customers to keep an eye out for potential changes to fees, interest rates or account features. She added this may be a good time for PC Financial clients to reassess their banking needs and determine whether EQ Bank’s model is the right fit.
For now, both the banking experience and the PC Optimum rewards ecosystem remain unchanged — and loyalty collectors can keep earning their points without interruption.