The challenger bank said Friday that the Competition Bureau has completed its review of the bank’s proposed acquisition of PC Financial from Loblaw and has decided not to challenge the transaction.
(The Logic)

Talking point: The decision marks a step toward closing the $800 million deal first announced in December. The deal would combine EQ Bank’s digital banking platform with PC Financial’s loyalty-driven spending ecosystem and give it access to Loblaw’s PC Optimum network, potentially creating one of the largest loyalty-linked banking platforms in Canada and strengthening competition against the country’s Big Six banks. In a press release, EQB chief executive Chadwick Westlake said the decision moves the bank closer to combining the two businesses, which he described as being built on a shared belief that “Canadians deserve better.” The transaction still requires approval from the Office of the Superintendent of Financial Institutions and Canada’s minister of finance.