Lloyds Banking Group is reportedly nearing a £400 million takeover of Embark Group, the digital retirement platform.

Lloyds is in advanced talks about the acquisition, which will be the bank’s biggest buyout since it returned to private ownership four years ago, according to Sky News.

City sources told the news outlet that an announcement of the takeover could come later this month.

In February, the bank said that it would be partnering with more FinTech providers in2021 as part of its new digital transformation strategy. [link to story]

With the bank’s online customer base growing by 6.1 per cent to 17.4 million last year, its digital platform has become even more important over the past 12 months.

Lloyds plans to invest around £900 million this year to support the initiatives outlined in its latest Strategic Review.
BlackRock, Franklin Templeton, and Legg Mason, are some of the larger asset managers that hold minority stakes in Embark.

The financial services company, which describes itself as the UK’s fastest growing digital retirement group, has over £38 billion under administration and around 500,000 customers across Britain.

The business has grown via a number of significant buyouts, including Zurich’s investment and retail platform, which was bought in 2020.

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