EQ Bank owner Equitable Group Inc. says it has closed its takeover of Concentra Bank in a deal valued at $495-million.
Toronto-based Equitable says the takeover of Concentra boosts its assets under management base by $13.6-billion to make it the seventh largest independent bank in Canada by assets.
Concentra operates under the Wyth Financial brand, and also has a Trust division that provides services largely to credit unions with $38.6-billion in assets under administration.
With the deal closed, Wyth operations will be replaced by EQ Bank as the single digital platform.
Overall, Equitable says the deal brings its direct and indirect client total to more than five million.
The Credit Union Central of Saskatchewan had been the largest shareholder of Concentra before the sale at about 84 per cent ownership.