Federal finance minister approves Equitable Bank deal to buy Concentra

TORONTO — Equitable Bank says the federal finance minister has approved the company's deal to buy digital rival Concentra Bank.

The Toronto-based bank says no further regulatory or shareholder approvals are required in the acquisition.

Equitable announced a deal in February to buy Concentra for $470 million.

It says the deal will make it Canada's seventh-largest bank.

The acquisition is expected to be completed in the fourth quarter, as early as Nov. 1, subject to the satisfaction or waiver of the remaining closing conditions.

Equitable Bank is a wholly owned subsidiary of EQB Inc.

This report by The Canadian Press was first published Sept. 29, 2022.

Companies in this story: (TSX:EQB)

The Canadian Press