EQB shares jump as Loblaw signals plans to increase stake
EQB shares climbed $12.54 to $148.43 by mid-afternoon following Loblaw Companies Ltd.’s announcement of an automatic share purchase plan.
The plan allows Loblaw’s broker to acquire additional EQB shares, potentially increasing the retailer’s holdings from about 8.46 million shares to as many as 10.6 million, subject to a cap of 24.9% of EQB’s outstanding shares.
Loblaw received 7.24 million EQB shares when EQB completed its acquisition of PC Financial on July 1. The transaction also included a cash payment of $234.5 million and added two Loblaw nominees to EQB’s board of directors.
The acquisition added approximately $5.8 billion in assets and $800 million in direct retail deposits to EQB. It also expanded the company’s customer base to nearly four million Canadians.
Under the agreement, EQB became the exclusive financial-services partner of the PC Optimum loyalty program, which has more than 18 million active members. PC Bank customers are expected to transition to the EQ Bank platform over the coming months.
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Last modified: July 15, 2026
