Canadian financial services firm Equitable Group Inc (TSX: EQB) has entered into a private placement deal with the Ontario Municipal Employees Retirement System (OMERS). The deal will see OMERS acquire common shares of the firm that generate total proceeds of up to $50 million. As a result, the pension fund will hold about 4.9 percent of Equitable’s issued and outstanding shares. Equitable intends to use the net proceeds to invest in its subsidiary, Equitable Bank, a Toronto-based provider of residential lending, commercial lending and savings solutions across Canada.