Equitable Bank

Equitable Bank is a Canadian financial institution headquartered in Toronto, Ontario. It specializes in residential and commercial real-estate lending while also providing personal banking through its digital EQ Bank operation. The institution began in 1970 as The Equitable Trust Company in Hamilton, Ontario, and developed from a small trust company into a national bank serving customers across Canada. The company operates through two closely related propositions. Equitable Bank serves borrowers, brokers, businesses, and specialized lending markets, including residential mortgages, commercial real-estate finance, reverse mortgages, home-equity lending, equipment leasing, and insurance-related financing. EQ Bank is its branchless digital banking arm, offering savings accounts, joint accounts, U.S.-dollar banking, tax-advantaged savings products, GICs, international money transfers, a mortgage marketplace, and a prepaid reloadable Mastercard. The digital model allows the bank to compete through online access, comparatively simple products, and deposit pricing rather than through a large physical branch network. The institution became a Schedule I bank on July 1, 2013, when The Equitable Trust Company was renamed Equitable Bank. This change enabled it to offer a broader range of deposit products, including guaranteed investment certificates, Tax-Free Savings Accounts, and high-interest savings accounts. In January 2016, it launched EQ Bank as a fully online direct-banking service. Its initial Savings Plus Account attracted attention with a 3.0% interest rate and no monthly fee, although the unexpectedly high volume of applications caused account-opening delays and led the bank to introduce a temporary reservation system. Technology has been central to the brand. EQ Bank moved its core banking platform to Microsoft Azure in 2019, presenting itself as the first Canadian bank to host its core banking environment in the cloud. Equitable Bank later announced a broader migration of banking systems to Azure, with completion targeted for 2026. The bank has also expanded its digital product range through international transfers, foreign-currency services, mortgage comparison and application tools, tax-advantaged accounts, and the EQ Bank Card. Equitable Bank expanded beyond its original lending base through acquisitions. It completed the purchase of Bennington Financial Services Corp. in 2019, adding equipment-leasing capabilities. In November 2022, EQB completed its acquisition of Concentra Bank, whose retail banking activity operated under the Wyth Financial brand. The transaction increased the group's scale and made Equitable Bank one of Canada's largest banks by assets. Wyth Financial was subsequently intended to transition to the EQ Bank brand. The parent company changed its legal name from Equitable Group Inc. to EQB in 2022, aligning the corporate identity with its operating businesses. EQB is listed on the Toronto Stock Exchange under EQB and is a member of the Canada Deposit Insurance Corporation. Reference materials describe the group as having more than $31 billion in deposits and more than $111 billion in combined assets under management and administration in 2023. EQ Bank was also reported to have more than 578,000 customers at that time and was ranked Canada's top Schedule I bank by Forbes World's Best Banks in 2021, 2022, and 2023. The brand's positioning combines specialist lending expertise with a digital-first retail proposition. It remains primarily Canadian in geographic scope and does not rely on an extensive branch network. Its competitive identity is built around online convenience, savings and deposit products, mortgage and real-estate expertise, technology-led service delivery, and the ability to serve customers and borrowers outside the traditional major-bank model.

Equitable Bank traces its origins to The Equitable Trust Company, established in 1970 in Hamilton, Ontario. The trust company initially operated from Hamilton and later developed a Toronto presence. By 1990 it had become an operating company with approximately $50 million in assets and four employees in its Toronto office. Equitable Group Inc. was created as the holding company in 2004 and listed on the Toronto Stock Exchange. Andrew Moor became president and chief executive officer in March 2007. Under his leadership, the group expanded its lending activities and developed a digital consumer-banking strategy alongside its established real-estate finance operations. On July 1, 2013, The Equitable Trust Company was renamed Equitable Bank and became a Schedule I bank. The new structure supported the wider offering of deposit products, including GICs, Tax-Free Savings Accounts, and high-interest savings accounts. Equitable Bank continued to focus on residential and commercial real-estate lending, while building capabilities in alternative mortgages, reverse mortgages, home-equity lending, business financing, and insurance-related lending. The next major step was the launch of EQ Bank on January 14, 2016. Designed as a completely online bank without branches, EQ Bank sought to attract Canadian savers with a simple, fee-conscious proposition. Its initial Savings Plus Account carried a 3.0% interest rate. The launch generated more applications than the bank's service and onboarding processes could immediately handle. Customer-service delays and slow account activations followed, and the bank introduced limits and a reservation system for new customers. The episode became an early demonstration of both the appeal and operational demands of digital banking at scale. EQ Bank progressively broadened its services. It introduced GICs in 2018, with terms ranging from three months to ten years, and in 2019 added international money transfers through a partnership with TransferWise, now Wise. The bank moved its core banking system to Microsoft Azure in November 2019, a technology decision that supported its digital operating model. In 2020 it expanded currency support, added joint savings accounts, and introduced TFSA and retirement savings products. In 2021 it launched a mortgage marketplace with nesto and introduced a U.S.-dollar account. Equitable Bank also grew through acquisitions. The purchase of Bennington Financial Services Corp., completed on January 1, 2019, added equipment leasing and expanded the group's presence in brokered commercial finance. In November 2022, EQB completed the acquisition of Concentra Bank from its ownership group in a transaction valued at approximately $495 million. Concentra's consumer business operated under the Wyth Financial name, which was intended to be replaced by the EQ Bank brand. The acquisition increased the group's scale and was associated with Equitable Bank becoming Canada's seventh-largest bank by assets. In June 2022, the holding company changed its legal name from Equitable Group Inc. to EQB, bringing the parent identity closer to the EQB and EQ Bank operating brands. In July of that year, the company announced a wider migration of banking systems to Microsoft Azure, with the objective of completing the transition by 2026. The EQ Bank product portfolio subsequently included personal and joint accounts, GICs, notice savings accounts, registered accounts, a U.S.-dollar account, international transfers, a mortgage marketplace, and the EQ Bank Card. The card, launched in January 2023, is a prepaid reloadable Mastercard positioned around no foreign-exchange fees, Canadian ATM access, and rewards features. The wider bank continued to combine digital deposits and payments with mortgage, commercial lending, and specialized financing. EQ Bank received national recognition in Forbes World's Best Banks rankings in 2021, 2022, and 2023, ranking first among Canadian banks in each of those years. Reference material reports that the group had more than $31 billion in deposits and more than $111 billion in combined assets under management and administration in 2023, while EQ Bank served more than 578,000 customers. In 2025, reporting cited in the reference material stated that Andrew Moor died at age 65 after serving as the bank's chief executive for many years. Later that year EQB announced an agreement to acquire President's Choice Financial from Loblaw, subject to completion in 2026. The transaction would further expand the group's digital and consumer-banking reach.

1. 2025EQB announces President's Choice Financial acquisition

   EQB agrees to acquire President's Choice Financial from Loblaw, with closing expected in 2026.

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2. 2023EQ Bank Card launches

   EQ Bank introduces a prepaid reloadable Mastercard for digital banking customers.

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3. 2022EQB acquires Concentra Bank

   The acquisition expands the group's banking scale and brings the Wyth Financial business into the EQB group.

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4. 2019Bennington acquisition and cloud migration

   The group acquires Bennington Financial Services and EQ Bank moves its core banking system to Microsoft Azure.

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5. 2016EQ Bank launches

   Equitable Bank launches a fully online, branchless direct-banking operation.

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6. 2013The trust company becomes Equitable Bank

   The institution is renamed Equitable Bank and becomes a Schedule I bank.

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7. 2007Andrew Moor becomes president and CEO

   Andrew Moor assumes leadership of the bank and its broader group.

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8. 2004Equitable Group Inc. becomes the holding company

   The parent company is formed and listed on the Toronto Stock Exchange.

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9. 1970The Equitable Trust Company is founded

   The institution is established in Hamilton, Ontario, beginning the business that later becomes Equitable Bank.

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A Canadian digital-first bank combining competitive deposit products and online personal banking with specialist residential, commercial, and alternative lending capabilities.

• EQ Bank Personal AccountDigital banking2016

  The primary personal banking account in the EQ Bank digital offering. It is designed for online everyday banking and savings, with no branch network and a focus on accessible digital account management.

• EQ Bank Savings Plus AccountSavings account2016

  The account that anchored EQ Bank's original launch proposition. It was marketed as a high-interest, no-monthly-fee savings account and helped establish EQ Bank as a digital alternative to conventional Canadian banks.

• Residential mortgagesMortgage lending

  Equitable Bank provides residential mortgage financing as a core lending business. Its activities include conventional and specialized mortgage solutions distributed through direct and broker channels.

• Commercial real-estate lendingCommercial lending

  The bank finances commercial real-estate borrowers through business mortgages and related lending solutions. This specialist lending capability is central to the bank's identity beyond consumer deposits.

• GICs and term depositsDeposit products2018

  EQ Bank offers guaranteed investment certificates and term deposits, including terms ranging from short-duration products to ten-year maturities. These products provide fixed-term deposit options within its digital banking platform.

• Mortgage MarketplaceDigital mortgage service2021

  A digital mortgage-shopping and application service launched with nesto. It allows users to review a broad range of mortgage products, obtain online prequalification support, and receive digital updates during the application process.

• EQ Bank CardPayment card2023

  A prepaid reloadable Mastercard introduced for EQ Bank customers. Its launch proposition included no foreign-exchange fee, Canadian ATM access, fee reimbursement features, cashback, and interest on the card balance at the applicable account rate.

• Equipment leasingBusiness financing2019

  The group provides brokered equipment-leasing services through capabilities added with the acquisition of Bennington Financial Services Corp. The business extends Equitable's commercial-finance offering beyond property lending.

• 2025Agree to acquire President's Choice FinancialM&A

  EQB sought to broaden its consumer and digital banking presence through the acquisition of Loblaw's President's Choice Financial business.

  What changed. EQB announced an agreement to acquire the business, with closing expected in 2026.

  Aftermath. The transaction remained subject to completion and was expected to expand EQB's consumer-banking reach.

  Reported transaction value. (2025)

  Source
• 2022Acquire Concentra BankM&A

  EQB aimed to increase scale and expand its banking capabilities beyond its existing specialist-lending and digital-deposit businesses.

  What changed. EQB completed the acquisition of Concentra Bank in a transaction reported at approximately $495 million.

  Aftermath. The transaction increased the group's scale and brought the Wyth Financial business into the EQB group, with a planned transition to the EQ Bank brand.

  Transaction value. (2022)

  Source
• 2019Move core banking infrastructure to the cloudStrategy

  EQ Bank was developing a technology-led operating model intended to support scalable branchless banking.

  What changed. The bank migrated its core banking system to Microsoft Azure and later announced a broader Azure migration program targeted for completion by 2026.

  Aftermath. The move reinforced EQ Bank's digital-first positioning and became a foundation for subsequent online product expansion.

  Source
• 2016Launch EQ Bank as a branchless digital bankProduct launch

  Equitable Bank sought to build a national consumer deposit business without the cost and infrastructure of a traditional branch network.

  What changed. It launched EQ Bank with the Savings Plus Account, emphasizing online access, no monthly fee, and an introductory high interest rate.

  Aftermath. Demand exceeded operational capacity, causing onboarding delays and leading to temporary enrollment limits and a reservation system.

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• 2025Andrew Moor dies at age 65

  Andrew Moor, who had led Equitable Bank since 2007, died at age 65 according to reporting cited in the reference material.

  Leadership change
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• 2025EQB agrees to acquire President's Choice Financial

  EQB announced an agreement to acquire President's Choice Financial from Loblaw, with completion expected in 2026 and the transaction reported at nearly $800 million.

  M&A
  Source
• 2023EQ Bank receives third consecutive Forbes top-bank ranking

  EQ Bank was ranked first in Canada by Forbes World's Best Banks for the third year in succession.

  Other
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• 2022EQB completes Concentra Bank acquisition

  EQB closed its acquisition of Concentra Bank in a transaction reported at approximately $495 million. Concentra's Wyth Financial business was planned for transition to the EQ Bank brand.

  M&A
  Source
• 2022Equitable Group changes legal name to EQB

  The holding company adopted the EQB name to align its corporate identity with Equitable Bank and EQ Bank.

  Other
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• 2022EQ Bank again ranked Canada's top bank by Forbes

  EQ Bank received the top Canadian ranking in Forbes World's Best Banks for a second consecutive year.

  Other
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• 2021EQ Bank launches Mortgage Marketplace

  The digital mortgage marketplace, developed with nesto, allowed customers to compare a broad selection of Canadian mortgage products and receive online application updates.

  Product launch
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• 2021EQ Bank receives Forbes top Canadian bank recognition

  EQ Bank was ranked first among Canadian banks in Forbes World's Best Banks for 2021.

  Other
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• 2021EQ Bank launches U.S. Dollar Account and EQ Bank Card

  The bank introduced a no-fee U.S.-dollar account and later launched a prepaid reloadable Mastercard with foreign-exchange and cashback features.

  Product launch
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• 2020EQ Bank expands international transfer currency support

  The bank added 15 currencies to its international money-transfer service, enabling conversions involving more than 40 countries.

  Product launch
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• 2020EQ Bank introduces joint accounts and registered savings products

  EQ Bank introduced a multi-holder Joint Savings Plus Account and later added Tax-Free Savings Account and retirement savings products.

  Product launch
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• 2019Equitable Bank completes Bennington Financial Services acquisition

  The acquisition expanded the group into Canada's brokered equipment-leasing market.

  M&A
  Source
• 2019EQ Bank moves core banking system to Microsoft Azure

  EQ Bank migrated its core banking system to Microsoft Azure as part of its cloud-first operating model.

  Other
  Source
• 2016EQ Bank launches as a digital direct bank

  Equitable Bank launched EQ Bank as a branchless online banking operation, initially centered on a high-interest Savings Plus Account.

  Product launch
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• 2016EQ Bank limits new-account access after launch demand

  Heavy demand for the introductory savings offer caused customer-service queues and account-activation delays. The bank temporarily restricted enrollment and introduced a reservation process; CEO Andrew Moor acknowledged that demand had been underestimated.

  Other
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1. Equitable Bank
2. Equitable Bank official website