Canada's finance minister gave the final signoff on Tuesday, and EQB said the deal for Loblaw's mass-market banking arm should close this summer.
The approval followed a recommendation from the bank regulator and completed the regulatory review process after the transaction had already been cleared by the competition watchdog.
EQB and Loblaw announced the deal in December, transferring control of PC Financial from Canada's largest grocer to the challenger bank.
Is this acquisition a bold challenge to big banks or a retreat into tradition?
Your banking and shopping data are merging. Will you get better deals or just more ads?