The deal will see Equitable acquire a majority interest in a bank
Equitable Bank has announced that the federal Minister of Finance has approved its previously announced acquisition of the Schedule I bank Concentra Bank.
The deal will see Equitable acquire a majority interest in Concentra, which had $11.3 billion in assets as of Nov. 30, 2021.
Equitable added that 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 1, subject to the satisfaction or waiver of the remaining conditions of closing,” Equitable said.
Read more: Equitable Group reports landmark Q1 earnings
“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 of Equitable.
“We are pleased to have achieved this important regulatory milestone and look forward to working diligently with Concentra Bank’s customers, employees, and credit union partners broadly to fulfill our purpose of enriching people’s lives through the creation of new and better financial services than those offered by the traditional players in the industry.”
