EQB agrees to sell equipment-leasing arm Bennington to Desjardins

BNN Bloomberg reported that EQB, a Canadian financial services company, has agreed to sell Bennington, its equipment-leasing business, to Desjardins Group. Desjardins, Canada’s largest cooperative financial group, will pay about 8% below the value of Bennington’s lease receivables, EQB said. Those are payments customers still owe on leases: about $1.1 billion on July 31, 2026. Bennington lends to businesses through brokers so they can buy machinery while keeping other financing available, Desjardins said.

Mortgage Professional Canada reported that the sale follows EQB’s PC Financial purchase, which closed in July and added nearly four million customers. Chadwick Westlake, EQB’s chief executive, said the sale lets it focus capital on core priorities after that deal.

EQB expects a one-off after-tax charge in the fourth quarter of 2026. EQB expects closing in the first half of 2027; Desjardins, which needs regulatory approvals, says the first quarter.

Sources: BNN Bloomberg · Equitable Bank (EQB Inc.) · Desjardins Group · MPA Canada