EQB Inc., parent company of digital challenger EQ Bank, has agreed to acquire PC Financial from Loblaw Companies Ltd. in a transaction that will reshape both the banking and insurance landscape in Canada. The $800 million deal, paid in shares and cash, will see Loblaw take a 16% stake in EQB and establish EQ Bank as the exclusive financial partner of the PC Optimum loyalty program.

The acquisition includes President's Choice Bank, PC Financial Insurance Agency Inc., and PC Financial Insurance Brokers Inc., expanding EQB’s reach into insurance distribution and product manufacturing. PC Financial Insurance Agency and Brokers have been active in offering a range of personal insurance products - such as travel, creditor, and pet insurance - underwritten by third-party carriers and distributed

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