Lloyds seeks to acquire savings company for £400m
By David Wood | 10th May 2021
Lloyds Banking Group is looking to acquire a savings company for £400million in its biggest deal since the bank was privatised, it has been reported.
Lloyds is understood to be in exclusive talks to buy Embark Group, which manages £38billion of savings and retirement products, according to The Mail on Sunday.
The deal would be the largest undertaken by Lloyds since 2017 when the Government offloaded its stake in the bank.
Lloyds, which has one of its main UK offices at Barnwood in Gloucester, was rescued by a £20 billion taxpayer bailout in the wake of the 2008 financial crisis.
The Mail on Sunday said talks were understood to have started last year when Antonio Horta-Osorio was chief executive, before he left recently to join Credit Suisse. He is set to be replaced by HSBC banker Charlie Nunn in August.
Lloyds' last major acquisition was its £1.9billion takeover of credit card business MBNA in 2016.
Lloyds holds a dominant position in mortgages and current accounts and is looking to grow its business in wealth management and insurance.
Embark is a digital investment company that provides retirement and savings products using brands such as The Adviser Centre, Vested and Rowanmoor.
Lloyds declined to comment.
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