Business
Equitable Bank Lifts Prime Lending Rate 25 Basis Points to 4.70%
By News Desk ·
Key takeaways
- Equitable Bank increased its prime lending rate by 25 basis points to 4.70% from 4.45%, effective October 29, 2026.
- Concentra Bank, Equitable Bank's wholly owned subsidiary, raised its prime rate by the same 25 basis points to 4.70% from 4.45%.
- Equitable Bank is the parent company of EQ Bank and the country's seventh largest Schedule I bank by assets.
Equitable Bank raised its prime lending rate by 25 basis points to 4.70% from 4.45%, effective October 29, 2026, according to Moomoo. Its wholly owned subsidiary, Concentra Bank, made the same 25 basis point increase to 4.70% from 4.45%, with both rates taking effect on the same date.
Equitable Bank and Concentra Bank Move Together
Equitable Bank announced the change from Toronto on October 28, 2026. The bank said Concentra Bank is also increasing its prime lending rate by 25 basis points to 4.70% from 4.45%. Both rates are effective October 29, 2026.
Equitable Bank is the parent company of EQ Bank, which it describes as Canada's Challenger Bank, and the country's seventh largest Schedule I bank by assets. EQB Inc. (TSX: EQB) is the parent company of Equitable Bank and reports approximately $151 billion in combined assets under management and administration.
Concentra Bank is a wholly owned subsidiary of Equitable Bank. In September 2026, Concentra awarded $150,000 to six credit unions through EQ's 2026 Empowering Your Community program, with over $2.3 million awarded since 2011, according to PR Newswire.
Equitable Bank's Scale Behind the Rate Change
According to akta.pro company records, Equitable Bank completed the CAD ~$800 million acquisition of PC Financial (President's Choice Bank) and related entities from Loblaw Companies Limited in July 2026, expanding the customer base to 3.3 million Canadians and adding approximately CAD $5.8 billion in assets. The same records list combined assets under management and administration of $132-142 billion as of 2026, and a 2026-10 post-IPO debt round of $560.6 million with 7 investors.
Equitable Bank's Recent Funding and Guarantor Steps
In October 2026, Equitable Bank completed a €500 million covered bond issuance, its seventh under a $3 billion program, with 3.75% coupon bonds yielding 3.789% and maturing in 2029, according to Newswire. In July 2026, Equitable Bank assumed Loblaw's rights and obligations as performance guarantor of President's Choice Bank's credit card receivables under pooling and servicing agreements, according to PR Newswire.
What Comes Next for Equitable Bank
The new prime lending rates for Equitable Bank and Concentra Bank take effect on October 29, 2026.