Lloyds expected to seal £400m deal for Embark
A deal is expected to be announced
Lloyds Banking Group is expected to confirm the £400 million acquisition of Embark, the privately-owned savings and retirement products group, alongside tomorrow’s half-year results statement.
It will be the bank’s biggest corporate acquisition since it returned to full private ownership four years ago following the government’s £20 billion bail-out in 2008.
Talks with Embark, which was set up in 2012, emerged in May as the bank pursues a return to growth by increasing share in key markets.
Embark has more than £40bn under administration and roughly 500,000 customers across the country as it has grown through a string of major acquisitions, including Zurich’s investment and retail platform last year.
It employs more than 600 staff, mainly in Edinburgh, London and Leeds.
It competes with the likes of AJ Bell and Pensionbee, which made its London stock market debut earlier this year.
The anticipated deal, reported by Sky News, will herald the arrival of Charlie Nunn next month as replacement for departed CEO Antonio Horta-Osorio who led the bank’s recovery.