The Globe and Mail reports in its Thursday, Dec. 4, edition that EQB is buying PC Financial from Loblaw in a deal valued at $800-million. The Globe's triple bylined item, led by Stefanie Marotta, reports that the parent company of EQB will take on the seventh-largest credit-card portfolio in Canada with about 2.5 million customers, $5.8-billion in assets and more than $800-million in direct retail deposits. Loblaw and EQB will partner on the PC Optimum loyalty program. EQB will acquire President's Choice Bank, PC Financial Insurance Agency, PC Financial Insurance Brokers and certain other affiliated entities. Once the deal closes, EQB will become the exclusive financial partner of the PC Optimum loyalty program for Loblaw. It will also acquire PC Financial's flagship no-fee Mastercard credit-card portfolio with more than two million active accounts and $32-billion in annual transaction volume. About 10 per cent of PC credit card holders have deposit accounts, adding to EQB's base. The deal nearly doubles EQB's revenue and connects the bank to more than 17 million loyalty members. PC Financial locations will be rebranded with EQB's yellow marketing in more than 2,500 stores and 500 ATMs across the country.