EQB completes acquisition of PC Financial and welcomes Galen G. Weston and Richard Dufresne to its Board of Directors

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EQB completes acquisition of PC Financial and welcomes Galen G. Weston and Richard Dufresne to its Board of Directors EQB completes acquisition of PC Financial and welcomes Galen G. Weston and Richard Dufresne to its Board of Directors /* Style Definitions */ span.prnews_span { font-size:8pt; font-family:"Arial"; color:black; } a.prnews_a { color:blue; } li.prnews_li { font-size:8pt; font-family:"Arial"; color:black; } p.prnews_p { font-size:0.62em; font-family:"Arial"; color:black; margin:0in; } Canada NewsWire TORONTO, July 1, 2026 /CNW/ - EQB Inc. ("EQB") (TSX: EQB) and Loblaw Companies Limited ("Loblaw") (TSX: L) today announced the completion of EQB's acquisition (the "Acquisition") of President's Choice Bank ("PC Bank"), PC® Financial Insurance Agency Inc., PC® Financial Insurance Broker Inc. and certain affiliated entities of PC Bank (collectively, "PC Financial") from Loblaw.  The Acquisition represents a step change in EQB's position as Canada's Challenger Bank™, expanding its scale to serve nearly 4 million Canadians while broadening its diversified portfolio of financial services. This marks the start of EQB's long-term strategic relationship with Loblaw and establishes EQB as the exclusive financial services partner for the PC Optimum™ loyalty program with its more than 18 million active members."Today, as we celebrate Canada Day, we mark a turning point for Canadian banking," said Chadwick Westlake, President and CEO, EQB. "This is about scaling growth to elevate competition – bringing more choice, better value and rewards for everyday Canadians. The next chapter of EQB's evolution as Canada's Challenger Bank starts now."In connection with the Acquisition, EQB welcomes two Loblaw nominees to the EQB Board of Directors, Galen G. Weston, Chairman and CEO of George Weston Limited and Chairman of Loblaw, and Richard Dufresne, President & CFO of George Weston Limited and CFO of Loblaw."It is a privilege to welcome Galen and Richard to the Board," said Mike Pedersen, Chair of the Board of Directors for EQB. "Their deep expertise leading one of the country's largest and most recognizable companies will be instrumental as EQB executes its focused growth strategy, scaling with purpose and discipline."Under the agreement, EQB acquired PC Financial at 1.15x book value. The consideration was satisfied by the issuan...

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