Toronto-based Equitable said in a release that it was acquiring 84 per cent of Concentra from the Credit Union Central of Saskatchewan, and the remaining 16 per cent from other shareholders. (The Logic)
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Toronto-based Equitable said in a release that it was acquiring 84 per cent of Concentra from the Credit Union Central of Saskatchewan, and the remaining 16 per cent from other shareholders. (The Logic)
Talking point: The combination with Concentra could make Equitable a bigger player in digital banking services. Concentra, the country’s 13th largest Schedule I bank, has deep ties to Canada’s fintech sector through its partnership with Neo Financial; Concentra, which recently rebranded as Wyth Financial, holds deposits on behalf of Neo’s customers. Equitable Bank already runs an online-only bank of its own, EQ Bank, which offers a high-interest and no-fee savings account. In contrast to other, larger banks, Equitable advertises itself as strongly in favour of open banking and has an API to share data with outside developers.
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