#Canada #Toronto #Equitable Bank #Challenger Bank

Equitable Bank Cuts Prime Lending Rate

In a move aimed at enhancing its customer offerings, Equitable Bank, recognized as Canada's Challenger Bank™, has announced a significant reduction in its prime lending rate. Effective January 30, 2025, the prime rate will decrease by 25 basis points, bringing it down from 5.45% to 5.20%. This change applies not only to Equitable Bank but also to its wholly owned subsidiary, Concentra Bank, which will implement the same rate adjustment.

Understanding the Impact of the Rate Reduction

For customers and potential borrowers, this reduced rate means more favorable borrowing costs for various financial products such as loans and lines of credit. Lowering the prime rate is a strategic decision that could make a meaningful difference for homeowners, small business owners, and general consumers looking to take advantage of financing options.

Equitable Bank prides itself on its commitment to improving the banking experience for its clients. By leveraging innovative technology and customer-centric services, it aims to enrich the lives of nearly 700,000 customers along with over six million credit union members.

Equitable Bank: A Leader in Canadian Banking

Established as the seventh largest bank in Canada by assets, Equitable has consistently aimed to reshape the nation's banking sector. The institution is a proud subsidiary of EQB Inc. (TSX EQB), a leader in digital financial services boasting an impressive $127 billion in total assets under management and administration as of October 31, 2024.

The company’s digital banking platform, EQ Bank, has been recognized multiple times as one of Canada's top banks by Forbes, notably earning a place on the Forbes World's Best Banks list since 2021. This accolade underscores Equitable Bank's ongoing mission to disrupt the conventional banking framework with innovative solutions tailored for modern financial needs.

Confidence in the Future

The reduction in the prime rate aligns with Equitable's ongoing strategy to increase accessibility to essential financial services, particularly in an economic climate where consumer confidence can fluctuate. With the banking landscape continually evolving due to economic changes, such proactive steps signify the bank's adaptability and commitment to its customers.

As part of its transparency and customer engagement efforts, Equitable encourages clients to stay informed about these changes and how they might influence their financial decisions.

For those interested in learning more about Equitable Bank and its offerings, detailed information can be found on the bank's investor relations page or through their active social media platforms.

In conclusion, Equitable Bank's decision to lower the prime lending rate is a strategic step towards creating a more favorable banking environment for its customers, fostering an inclusive approach to finance that prioritizes community needs and client welfare.

Contact Information

For media inquiries, reach out to:
Maggie Hall
Director, PR Communications
Email: [email protected]

For investor relations, contact:
Mike Rizvanovic
Managing Director, Investor Relations
Email: [email protected]

Find out more about Equitable Bank’s vision and services through their website or LinkedIn page.