Equitable Bank obtains Minister of Finance approval for acquisition of Concentra Bank

  • Acquisition will accelerate growth and diversification for Canada’s Challenger Bank™
  • Combination will enhance service offering, improve financial strength, and benefit Concentra Bank’s customers, employees and community partners
  • Equitable Bank is expected to become Canada’s 7th largest independent Canadian bank by assets, directly and indirectly serving more than 5 million Canadians
  • Better positions Equitable Bank as a Challenger Bank™ to traditional alternatives, driving change in Canadian banking

TORONTO, Sept. 29, 2022 /PRNewswire/ – Equitable Bank (the “Bank”, “Canada’s Challenger Bank™” or “Equitable”), a wholly owned subsidiary of EQB Inc. (the “Company”) (TSX: EQB) (TSX: EQB.PR.C) (TSX: EQB.R), announced today that the federal Minister of Finance has approved the previously announced acquisition of Concentra Bank (the “Acquisition”). No further regulatory or shareholder approvals are required in connection with the Acquisition.

The Acquisition is expected to be completed in Q4, potentially as early as November 1st, subject to the satisfaction or waiver of the remaining conditions of closing. Refer to the press release and investor presentation dated February 7, 2022 for additional details on the Acquisition.

“This strategic acquisition increases the competitive strength and scale of Canada’s Challenger Bank for the benefit of consumers coast to coast,” said Andrew Moor, President and CEO. “We are pleased to have achieved this important regulatory milestone…

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