EQB welcomes Daniel Rethazy as EVP, Personal Banking, adding top banking talent to reignite core business growth and execute on transformation

• Mr. Rethazy will shape a more integrated Personal Banking business that brings together the strength of EQB's consumer capabilities with the full potential of the announced agreement to acquire PC Financial and enter a long-term strategic relationship with Loblaw Companies
• Supporting this evolution is a refined executive leadership structure that reflects EQB's growing scale, ambition and significance to the Canadian banking industry

TORONTO, March 25, 2026 /PRNewswire/ - EQB Inc. (TSX: EQB) today announces Daniel Rethazy's appointment as Executive Vice President, Personal Banking. Mr. Rethazy brings deep experience in Canadian Banking to EQB that will accelerate momentum and unlock a new era of growth for the company's Personal Banking franchise, delivering a more competitive and rewarding banking experience, and a stronger and more resilient banking industry for all Canadians.

"Daniel is a generational talent in Canadian banking, and we're thrilled to welcome him to EQB," said Chadwick Westlake, President and CEO. "We're a digital-first leader backed by the best talent, and Daniel joining us is another strong validation of our Challenger strategy and a clear sign that EQB is entering its biggest phase of growth – one where we compete to fundamentally improve how Canadians save, spend, borrow, and plan for their futures. Daniel brings deep operating discipline, strategic clarity, lending and regulatory perspective, and experience scaling complex organizations, all of which will be critical as we unlock our full potential and make EQ Bank a household name."

In his new role effective April 6, 2026, Mr. Rethazy will shape a unified and integrated Personal Banking business. It will bring together residential lending, featuring single-family residential lending and reverse mortgages – one of EQB's largest drivers of growth, retail and broker deposits – and its award-winning EQ Bank digital platform that has transformed how Canadian families and small businesses save, spend and earn. Subject to EQB's announced agreement* to acquire PC Financial securing required regulatory approvals, he will also oversee these incoming products, distribution channels and loyalty strategy as it becomes a cornerstone of EQ Bank Personal Banking. This includes managing the long-term strategic relationship with Loblaw Companies Limited for EQ Bank to be the exclusive banking partner for the PC Optimum™ program.

"EQB has a platform and an offering unlike anything else in Canadian banking – and we are just getting started," said Daniel Rethazy, EVP, Personal Banking. "EQB is challenging the status quo in banking and innovating at a rapid pace to deliver more choice, more value, and better experiences for Canadians. There's enormous potential ahead as we unlock the full strength of the Personal Banking business and continue pushing the limits of what's possible for Canadians. I'm excited to work alongside EQB's exceptional executive leadership team to build on existing momentum and make the bank an even stronger force."

A proven banking innovator with deep experience in transforming and scaling future-ready banking operations

Mr. Rethazy brings nearly twenty years of leadership experience across two of Canada's largest financial institutions, with a proven track record of building and leading successful businesses as well as large distribution and operational teams.  

He is joining EQB from CIBC where he served as Executive Vice President, Enterprise Capabilities and Organizational Agility. Prior to that role, Mr. Rethazy served as Senior Vice President of CIBC's Personal Lending and Insurance businesses in Canada, one of the largest consumer lending operations in the country, where he steered their residential mortgage business and growth strategy. His track record reflects an ability to scale core businesses and execute multi-year transformation agendas with deep operational rigor.

Earlier in his career, Mr. Rethazy held progressively senior leadership roles at TD Bank across Wealth, Canadian Banking and Direct Channels. He also served as Associate Principal at McKinsey & Company prior to joining TD Bank, advising global institutions on strategy, operational turnarounds and new business building. Mr. Rethazy holds an MBA from Harvard Business School.

Shaping EQB's next generation banking business with new executive leadership structure

Mr. Rethazy's appointment is complemented by key enhancements to EQB's executive leadership team that further reflect the company's growing scale and ambition. Anilisa Sainani will step into the elevated role of EVP and CFO, expanding her mandate to include leadership of the Treasury function – a critical pillar as EQB accelerates its funding capabilities.

Darren Lorimer will be elevated to the role of EVP, Commercial Banking, Marlene Lenarduzzi as EVP and Chief Risk Officer, and Gavin Stanley as EVP and Chief Human Resources Officer. Dipti Patel, Senior Vice President and Chief Credit Officer, will join the broader executive leadership team, underscoring the growing importance of strong, independent risk oversight as the organization continues to scale and increase in complexity.

Together, these appointments underscore EQB's emergence as a true talent magnet and reinforce the depth and capability of the leadership team shaping EQB's future – one positioned to compete at a new level to deliver a more modern, competitive banking experience for Canadians.

About EQB Inc.
EQB Inc. (TSX: EQB) is a leading digital financial services company with $142 billion in combined assets under management and administration (as at January 31, 2026). It offers banking services through Equitable Bank, a wholly owned subsidiary and Canada's seventh largest bank by assets, and wealth management through ACM Advisors, a majority owned subsidiary specializing in alternative assets. As Canada's Challenger Bank™, Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. It leverages technology to deliver exceptional personal and commercial banking experiences and services to over 800,000 customers and more than six million credit union members through its businesses. Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of Canada's top banks on the Forbes World's Best Banks list since 2021.

To learn more, please visit eqb.investorroom.com or connect with us on LinkedIn.  

Investor contact:
Lemar Persaud  
VP and Head of IR  
[email protected] 

Media contact:
Danielle Mason
Director, PR & Communications
[email protected]

Disclaimer

* On December 3, 2025, EQB and Loblaw Companies Limited entered into a definitive agreement pursuant to which EQB will acquire President's Choice Bank, PC® Financial Insurance Agency Inc., PC® Financial Insurance Brokers Inc. and certain other affiliated entities of PC Bank. In connection with the closing of the acquisition, EQB will enter into a long-term strategic relationship with Loblaw pursuant to a commercial agreement to become the exclusive financial partner of the PC Optimum™ loyalty program.

Forward Looking Information

Statements made in this news release include forward-looking statements within the meaning of applicable securities laws ("forward looking statements"). Generally, forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "guidance", "planned", "estimates", "forecasts", "outlook", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases which state that certain actions, events or results "may", "could", "would", "should", "might" or "will be taken", "occur", "be achieved", "will likely" or other similar expressions of future or conditional verbs. These statements include, but are not limited to, statements relating to EQB's objectives, strategies and initiatives; financial performance expectations, whether with respect to EQB's businesses, the Transaction or the Canadian economy; the expected impact of the Transaction, including the expected impact on EQB's size, operations, capabilities, growth drivers and opportunities, activities, attributes, profile, business services portfolio and loans, revenue and assets mix, market position, profitability, performance, and strategy; the anticipated benefits of the Transaction; the expected impact of the Transaction on EQB's financial performance; the terms and conditions of the Transaction Agreement, the Program Participation Agreement and the investor rights agreement; expectations regarding EQB's business model, plans and strategy; the maintenance of EQB's CET1 ratio, capital structure and liquidity profile and changes in adjusted EPS; the composition of the Board following closing of the Acquisition; the anticipated timing and the various steps to be completed in connection with the Transaction, including receipt of regulatory approvals and the anticipated timing for closing of the Acquisition; the strategic fit and complementarity of PC Financial and EQB; anticipated synergies and estimated transaction and integration costs and the timing of incurrence thereof; EQB's financial performance objectives, vision and strategic goals; the economic and market review and outlook, the outlook and priorities for each of EQB's business lines; and statements by EQB representatives.

Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, closing of transactions, performance or achievements of EQB to be materially different from those expressed or implied by such forward-looking statements, including but not limited to risks related to: capital markets and additional funding requirements; fluctuating interest rates and general economic conditions including, without limitation, global geopolitical risk, uncertainty arising from ongoing United States/Canada tariff concerns and related impacts; business acquisitions; legislative and regulatory developments; changes in accounting standards; the nature of EQB's customers and rates of default; the possibility that the Transaction will not be completed on the terms and conditions, or on the timing, currently contemplated, and that it may not be completed at all due to a failure to obtain or satisfy, in a timely manner or otherwise, required conditions of closing necessary to complete the Transaction or for other reasons; the possibility of adverse reactions or changes in business relationships resulting from the announcement or completion of the Transaction; the retention of key personnel of EQB and PC Financial; the integration of PC Bank and the realization of the anticipated benefits and synergies of the Transaction in the timeframe anticipated, including impact and accretion in various financial metrics; competition; as well as those factors discussed under the heading "Risk Management" in EQB's Annual MD&A and in EQB's other documents filed on SEDAR+ at www.sedarplus.ca.

All material assumptions used in making forward-looking statements are based on management's knowledge of current business conditions and expectations of future business conditions and trends, including their knowledge of the current credit, interest rate, and liquidity conditions affecting EQB and the Canadian economy. Although EQB believes the assumptions used to make such statements are reasonable at this time and has attempted to identify above and in its continuous disclosure documents important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. Certain material assumptions are applied by EQB in making forward-looking statements, including without limitation, the maintenance of EQB's CET1 ratio; EQB's ability to execute its transformation plan and strategy; the successful and timely integration of EQB and PC Bank and the realization of the anticipated benefits and synergies of the Transaction in the timeframe anticipated, including impact and accretion in various financial metrics; the ability to retain management and key employees of PC Bank; the ability of EQB to access the capital markets; the absence of significant undisclosed costs or liabilities associated with the Transaction; the expectation of regulatory stability; no downturn in economic conditions; sufficient liquidity and capital resources; no material changes in competition, market conditions or in government monetary, fiscal and economic policies; the maintenance of credit ratings; assumptions regarding EQB's continued ability to fund its loan business, a continuation of the current level of economic uncertainty that affects real estate market conditions including, without limitation, continued acceptance of its products in the marketplace; as well as no material changes in its operating cost structure and the current tax regime. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. EQB does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws. Additional information on items of note, reported results, risk factors and assumptions related to forward-looking statements are available in EQB's Annual MD&A and other public filings available on SEDAR+ at www.sedarplus.ca.

This news release also contains future-oriented financial information ("FOFI") and information which could be considered to be in the nature of a "financial outlook". All FOFI contained in this news release is subject to the same assumptions, risk factors, limitations and qualifications as set forth herein. FOFI contained in this news release was made as of the date hereof, based on information available to EQB and Loblaw as of the date hereof, and is being provided to assist investors in understanding the potential financial impact of the Transaction. Such information may not be appropriate for other purposes. The actual results of operations of EQB may vary from the amounts set forth herein and such variation may be material. Each of EQB and Loblaw disclaims any intention or obligation to update or revise any FOFI in this news release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable securities laws.

SOURCE EQB Inc.