TORONTO, Sept. 16, 2019 /CNW/ - Equitable Group Inc. (TSX: EQB and EQB.PR.C) ("Equitable" or the "Company") today announced that it will be included in the S&P/TSX Composite Index effective September 23, 2019, a milestone for the Company and a reflection of the growing value of its subsidiary, Equitable Bank, Canada's Challenger BankTM.
Considered the principal benchmark measure for Canadian equity markets, the S&P/TSX Composite Index consists of the largest Canadian companies by market capitalization and liquidity and its constituents include Canada's other eight publicly listed Schedule I banks.
"Inclusion in the Index reflects Equitable's strong and steady value creation over the past decade and, more recently, the growth we've delivered as Canada's Challenger BankTM," said Andrew Moor, President and Chief Executive Officer. "As a public company, this is a major milestone and a signal to the broader market that Equitable continues to mature. We are now a diversified bank with proven lending capabilities across a variety of secured assets, market-leading digital banking services, and the capacity to continually innovate."
Moor added, "EQ Bank, our digital arm, has been met with tremendous success. The market has spoken: the recent rise in our stock and growth in accounts are proof Canadians are ready for a different banking solution—one that not only simplifies banking by offering a high-interest savings account with the flexibility of a chequing account, or allows you to buy GICs with the touch of a screen, but one that also continues to challenge the status quo by rethinking all aspects of conventional banking. By giving more money to the consumer and offering far more transparency, I am proud of what we have accomplished. And I am confident we are uniquely positioned to continue to deliver a better banking experience that meets the changing needs of Canadians."
In 2018, Equitable was added to the S&P/TSX Canadian Dividend Aristocrats Index. The Index is reserved for companies that have increased ordinary cash dividends every year for five years or maintained the same dividend for a maximum of two consecutive years within that five-year period. Based on strong earnings growth, Equitable has delivered dividend increases for the past 10 years averaging approximately 10% per annum. In July 2019, the Company announced an intention to grow its dividend at a rate of 20% to 25% per annum over the next five years. Equitable is also a member of the S&P/TSX Small Cap, S&P Canada BMI, and MSCI Small Cap (Canada) indices.
ABOUT EQUITABLE GROUP INC.
Equitable Group Inc. is a growing Canadian financial services business that operates through its wholly-owned subsidiary, Equitable Bank. Equitable Bank, Canada's Challenger BankTM, is the country's ninth largest independent Schedule I bank and offers a diverse suite of residential lending, commercial lending and savings solutions to Canadians. Through its proven branchless approach and customer service focus, Equitable Bank has grown to approximately $31 billion of Assets Under Management. EQ Bank, the digital banking arm of Equitable Bank, provides state-of-the-art digital banking services to over 85,000 Canadians and has an award winning Mobile App. The EQ Bank Savings Plus Account reimagines banking for Canadians by offering the functionality of a chequing account to perform daily banking with ease, as well as a great everyday interest rate – currently 2.30% – to help transactional balances grow into bigger savings. From unlimited Interac® e-Transfers and bill payments to payroll deposits and no monthly fees, everyday banking is now a richer prospect for Canadians. Equitable Bank employs over 800 dedicated professionals across the country and is a 2019 recipient of Canada's Best Employer Platinum Award, the highest bestowed by AON Hewitt. For more information about Equitable Bank and its products, please visit equitablebank.ca.
SOURCE Equitable Group Inc.