Deals

Canada's EQB to Buy Banking Unit of Country's Largest Supermarket Chain

Shoppers browse produce at a Loblaw Cos. grocery store in Toronto, Ontario, Canada.
Photographer: Cole Burston/Bloomberg

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By Christine Dobby and Derek Decloet

December 3, 2025 at 10:29 PM UTC

Updated on

December 3, 2025 at 11:30 PM UTC

Canadian lender EQB Inc. is buying the banking division of the country’s largest supermarket chain to boost its deposit and credit card businesses.

EQB is acquiring President’s Choice Bank, along with some related insurance businesses, from Loblaw Cos. for about C$800 million ($574 million), with most of it to be paid in shares, according to a statement Wednesday.