Loblaw is selling its PC Financial and related insurance companies to EQB Inc., the parent company of Equitable Bank. Photo by Postmedia

EQB Inc. , the parent company of Equitable Bank, is buying PC Financial and related insurance companies from Loblaw Cos. Ltd. in an $800-million deal, with the grocery store chain taking a minority stake in the financial services firm.

The companies have also agreed to a long-term strategic relationship in which EQB will become the exclusive financial partner of the retailer’s PC Optimum loyalty program.

The deal comes just a day after Stephen Smith’s Fairstone Bank of Canada announced it is buying Montreal-based Laurentian Bank of Canada for $1.9 billion — with certain operations to be spun off to National Bank of Canada.

Bringing together P

See Full Page