EQ Bank

EQ Bank is making a major play in Canadian banking, acquiring PC Financial from Loblaw in an $800-million deal that merges two digital leaders aiming to chip away at the dominance of Canada’s Big Five. The partnership brings EQ Bank’s online savings products together with PC’s credit and loyalty ecosystem, backed by 17 million PC Optimum members.

Loblaw will hold a 17 percent stake in EQB. Analyst Keldon Bester says the merger strengthens competition rather than shrinking it. Customers gain more products and 2,500 in-store touchpoints, though EQB expects $30 million in cost synergies. Closing is expected next year.

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EQ Bank has expanded its challenger-bank model to Canadian small businesses with the launch of its new Business Banking platform. The digital service offers a 2.25 percent high-interest account, Business GICs up to 3.30 percent, no monthly fees, and ten sub-accounts for taxes and payroll. Backed by Canada-based support, the move targets owners frustrated by high fees and low returns.

“Entrepreneurs deserve a banking experience that reflects their ambition,” said Dan Broten, SVP of EQ Bank. A prepaid Business Card with cash-back rewards is next, bringing long-overdue competition to the business-banking market.

Want to know more? Check out the source code on Fintech.ca.

EQ Bank will welcome back Chadwick Westlake as its new CEO following the sudden passing of longtime leader Andrew Moor. Westlake, currently EVP and CFO at OpenText, will rejoin EQ Bank on August 15 after completing OpenText’s fiscal year-end. A former EQ executive, Westlake’s appointment marks a return to familiar territory as the bank navigates a major transition.

Moor, remembered for modernizing EQ Bank and advancing Canada’s challenger bank movement, leaves a lasting legacy in fintech. OpenText has initiated a formal search for Westlake’s successor and expressed condolences to Moor’s family and colleagues in a public statement.

Want to know more? Check out the source code on Fintech.ca.