EQ Bank owner Equitable Group Inc. said Tuesday it has closed its takeover of Concentra Bank in a deal valued at $495 million.
The takeover of Concentra boosts Equitable's assets under management base by $13.6 billion to help it compete, said chief executive Andrew Moor. "Banking is a bit of a game of scale, especially in this digital world. So when we put Equitable and Concentra together we will be the seventh largest bank in Canada. That's a pretty meaningful jump."
Equitable has been talking to numerous credit unions since announcing the deal and will be looking to expand its services to the sector, including syndicating loans, supporting registered savings businesses and advisory services, said Moor.
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