Lloyds to acquire retirement platform Embark in £400m deal
Lloyds Banking Group has today (July 29) announced that it intends to acquire investment and retirement business Embark Group.
The bank has announced that it will acquire the business in a £400m deal funded by cash as a result of its ‘strong’ cash position.
Embark specialises in savings and retirement solutions, and is expected to enhance the group’s capabilities to address the mass market and self-directed Wealth segment, in order to strengthen its wealth proposition.
Antonio Lorenzo, chief executive of Scottish Widows and group director of insurance & wealth at Lloyds Banking Group, commented: “There’s an ever-growing customer demand for clear, simple and affordable financial planning and retirement products and services.
“Our acquisition of Embark will not only help us serve all of a customer’s financial needs in one place, but also sit alongside our existing partnerships which meet the more complex financial planning and investment requirements of mass-affluent and high net-worth customers through Schroders Personal Wealth and Cazenove Capital.
He continued: “Through Embark’s technology, we will be able to increase the reach of our investment offerings for customers who are happy to manage their own portfolios, through modern, easy to use technology.
“We will also be able to enhance our intermediary proposition, strengthen our offering in retirement and modernise the way Scottish Widows works with advisers, recognising the continued value of advice.”
David Barral, chairman of Embark Group, added: “In eight short years, Embark has built one of the most respected and fastest growing digital retirement and savings businesses in the UK.
“The combination of Lloyds Banking Group’s financial strength and distribution reach, with the agility, digital capability and expertise of Embark, will provide the perfect opportunity to create a market-leading proposition for consumers, intermediaries and strategic partners.”
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