#Canada #Toronto #Equitable Bank #Challenger Bank #Prime Lending

Equitable Bank Reduces Prime Lending Rate

On October 29, 2025, Equitable Bank, recognized as Canada’s Challenger Bank™, made headlines by announcing a reduction in its prime lending rate by 25 basis points, bringing it down to 4.45% from the previously set 4.70%. This decision marks a significant step in the bank’s strategy to remain competitive and supportive to its clientele during changing economic landscapes.

Effective October 30, 2025, this adjustment will also be implemented by Concentra Bank, a wholly owned subsidiary of Equitable Bank, which will mirror the reduction in its prime lending rate. Such a move is anticipated to provide customers with better borrowing conditions, which is crucial in the current economic climate.

Equitable Bank’s prime rate cut reflects a proactive approach to banking as it aims to empower individuals and businesses throughout Canada. As the seventh largest bank by assets in the nation, its mission has always been to drive change and offer innovative solutions that enrich the lives of Canadians. With over 761,000 customers and more than six million credit union members, the bank has positioned itself as a major player in the financial landscape.

The prime lending rate is an important benchmark for customers, influencing the interest rates on various loans, including mortgages and lines of credit. Lowering this rate could lead to decreased borrowing costs, fostering a climate where consumers and small businesses can thrive amid economic uncertainties.

The bank has garnered recognition for its commitment to leveraging technology to enhance the banking experience. Through its platform, EQ Bank, Equitable Bank has continuously ranked as one of the top banks in Canada on the Forbes World's Best Banks list since 2021, showcasing its focus on delivering exceptional services and products to its customers.

About Equitable Bank

Equitable Bank operates under the ownership of EQB Inc. (TSX: EQB) with a formidable presence in the digital financial services sector, boasting $137 billion in combined assets under management as of July 31, 2025. By embracing technology, Equitable aims to provide seamless banking solutions while remaining competitive in an ever-evolving market.

The decision to lower the prime rate not only signifies the bank's responsiveness to market conditions but also highlights its dedication to customer satisfaction and long-term strategic growth. As economic conditions fluctuate, Equitable Bank is committed to adapting its services to best meet the needs of its clients.

For more information on Equitable Bank’s ongoing initiatives and updates, you can visit their investor relations site or connect with them on LinkedIn. The bank's vision remains clear—to enrich lives through innovative banking solutions and continue being a trusted partner for Canadians.

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For media inquiries, please contact:
Maggie Hall
Director, PR & Communications
[email protected]

For investor inquiries, reach out to:
Lemar Persaud
VP and Head of Investor Relations
[email protected]

Equitable Bank is committed to transparency and effective communication with all stakeholders. Stay updated on their financial trajectory and customer-oriented initiatives as they lead the charge in transforming the Canadian banking landscape.