Equitable Bank applauds Government of Canada's progress on enabling greater competition in banking with Budget 2025

TORONTO, Nov. 5, 2025 /CNW/ - Equitable Bank, Canada's Challenger Bank™, welcomes progress laid out by the Government of Canada to foster greater competition in Canada's banking sector with the release of its 2025 budget. By advancing long-awaited consumer-driven banking and other pro-competition reforms, the federal government is taking real steps to modernize Canada's economy and give consumers more choice, better service and greater control over their own money.

"We welcome the 2025 federal budget's focus on financial innovation and critical digital infrastructure like consumer-driven banking," said Chadwick Westlake, President and CEO. "Equitable Bank and our digital platform, EQ Bank, have long championed these reforms because we understand that real competition drives growth and opportunity. Canadians, small businesses and hard-working families deserve a market that offers more choice, better value and a fairer deal."

The budget signals a major step toward a modern, more transparent banking system. Measures such as consumer-driven banking, payments modernization, stablecoin frameworks and updated data-sharing standards will help boost competition, improve fee transparency and remove barriers – creating a fairer financial landscape that drives innovation, broadens prosperity and gives every Canadian the freedom to choose what works best for them.

This is a moment to build on, and Equitable Bank and its digital platform, EQ Bank, look forward to continued collaboration with the Government of Canada, regulators and industry stakeholders to bring these initiatives to fruition.

About Equitable Bank
Equitable Bank has a clear mission to drive change in Canadian banking to enrich people's lives. As Canada's Challenger Bank™ and seventh largest bank by assets, it leverages technology to deliver exceptional personal and commercial banking experiences and services to over 761,000 customers and more than six million credit union members through its businesses. It is a wholly owned subsidiary of EQB Inc. (TSX: EQB), a leading digital financial services company with $137 billion in combined assets under management and administration (as at July 31, 2025). Through its digital EQ Bank platform (eqbank.ca), its customers have named it one of the top banks in Canada on the Forbes World's Best Banks list since 2021.

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

Media Contact:
Maggie Hall
Director, PR & Communications
[email protected]

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

SOURCE Equitable Bank