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Equitable Bank Acquires Concentra and Will Become Canada’s 7th Largest Bank

Investment Executive | Staff | Feb 8, 2023

Equitable bank - Equitable Bank Acquires Concentra and Will Become Canada's 7th Largest Bank

Image: Wikipedia/EQ Bank

Toronto-based Equitable Group Inc. says it has agreed to acquire digital rival Concentra for $470 million, a move that will make it Canada’s seventh-largest bank.The acquisition would result in Canada’s seventh-largest bank

  • Equitable is buying SaskCentral’s 84% equity interest in Concentra and has support agreements from Concerta shareholders with the remaining 16%.
    • It is paying a $35.7-million combined premium and said it has identified more than $30 million in annual cost savings.
    • The transaction will add $7.4 billion in personal loans and $1.6 billion in commercial loans as well as $6.3 billion in retail, credit union and commercial deposits.
    • Saskatoon-based Concentra, which rebranded as Wyth Financial in 2021, is the country’s 13th-largest schedule I bank with $11.3 billion in assets. Equitable is also purchasing Concentra Trust, known as Wyth Trust.
  • The acquisition was unanimously approved by the boards of Equitable, Concentra and SaskCentral, and is expected to close in the second half of the year, subject to customary closing conditions and regulatory approval.

See:  Open Banking to Bring Multitude of Benefits to Canada in 2023

Equitable said in a release:

At closing, EQ Bank will become the sole digital platform, replacing Wyth. Pairing Concentra’s digital banking and fintech strategy with EQ Bank will enhance Equitable’s position as an innovative financial services hub for Canadians.

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