EQB was the worst-performing bank stock last year. A housing
slowdown, a spike in provisions for credit losses, and the sudden
passing of longtime CEO Andrew Moor left investors with a lot to
digest. But in the banking sector, there’s an old market adage —
“worst will be first” — the idea that last year’s laggard often
leads the group in the following year.
On this episode of In the Money with Amber Kanwar, Amber sits
down with Chadwick Westlake, the new President & CEO of EQB.
Westlake opens up about stepping into leadership during a moment
of crisis, stabilizing the business, and resetting focus at a
disruptive Canadian financial institution.
Westlake explains what it truly means to be Canada’s Challenger
Bank — from lending to self-employed Canadians, newcomers and
entrepreneurs to taking a loan-by-loan approach to risk in a
housing market which many investors fear is a systemic problem.
Amber presses on the “mortgage cliff” of 2026, provisions for
credit losses, and what EQB is modeling for unemployment and
consumer strain. Chadwick outlines why the bank expects more
volatility, why he sees cautious reasons for optimism later in
2026, and why EQB believes it’s positioned to navigate renewals
differently with an average mortgage duration closer to two
years.
Then comes the blockbuster: EQB’s transformational deal to
acquire PC Financial and become the exclusive financial partner
of PC Optimum — a move that brings millions of Canadians into
EQB’s ecosystem and reshapes the future of competition in
Canadian banking. Westlake explains why scale matters, why
challenger banks need urgency rather than complacency, and how
this deal positions EQB to challenge the status quo.
The conversation also digs into valuation, buybacks, and
ownership concentration and what all that means for decision
making and accountability.
Finally, Westlake shares his candid views on Canada itself —
arguing that the country needs to move faster and take greater
ownership of its economic future. He speaks about productivity,
competitiveness, and why Canadian businesses and policymakers
must act with more urgency in a rapidly changing global
environment. For Westlake, building a stronger challenger bank is
inseparable from building a stronger Canada — one that competes,
innovates, and backs its own talent with conviction.
Timestamps
00:00 Show trailer
02:00 Intro
04:20 What does it mean to be a challenger bank?
07:30 Why Chadwick took the CEO role after the death of longtime
CEO Andrew Moor
10:40 What was going wrong in 2025 as he stepped into the
role?
13:20 Chadwick on the housing market
16:20 Does Canada have a systemic housing problem?
18:30 Skepticism about the EQB strategy
21:00 What EQB look like in 5 years?
23:00 EQB has modelled for more pain
24:30 Why the mortgage renewal cliff doesn’t impact EQB and
losses tied to housing
26:10 What does lower immigration mean for growth?
28:00 EQB’s deal with PC Financial
32:30 Question marks surrounding the deal
36:10 EQB’s word for 2026: Reimagine
38:30 What does it mean for EQB’s risk profile?
40:30 EQB’s structure, decision making and accountability
43:00 Does the deal change EQB’s profile as a takeover
target?
45:10 What can EQB do in wealth that isn’t already being
done?
47:00 Canada needs to take hold of its destiny and fast
Sponsors
For over 25 years, Raymond James has been helping Canadians
achieve their financial goals. Visit https://raymondjames.ca
today to discover how you can live a life well planned.
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DISCLAIMERS
The information provided in this podcast is for informational
purposes only and does not constitute financial, investment, or
professional advice.The views expressed by the host and guests
are their own and do not necessarily reflect the opinions of any
organization or company. The host and guests may maintain
positions in any securities discussed on the podcast. Always
consult with a qualified financial advisor or professional before
making any investment decisions.
In the Money delivers expert stock picks, actionable ideas, and
timely money management tips. Hosted by business journalist Amber
Kanwar, each episode features interviews with top portfolio
managers who suggest ways to achieve good returns. Covering
everything from ETFs and Canadian stocks to global investing
trends, dividend strategies, and risk management, this show is
made for DIY investors, stock market enthusiasts, and anyone
looking to sharpen their financial strategy.
Contact: questions@inthemoneypod.com
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