Lloyds acquires Embark Group

Thursday 29 July 2021 14:38 CET | News

UK-based Lloyds has announced that it intends to acquire the Embark Group (Embark), a fast-growing investment and retirement platform business.

Embark can add to Lloyds’ capabilities to address the attractive mass market and self-directed wealth segment, completing its wealth proposition. Embark will also help the group to re-platform its pensions and retirement proposition, delivering a platform for intermediaries and strengthening its offering in retirement.

The acquisition of Embark will deliver a mass market, direct-to-consumer proposition, complementing the group's existing advice offerings through Schroders Personal Wealth and Cazenove Capital. The acquisition will see the Group acquire about GBP 35 billion of assets under administration on behalf of 410,000 consumer clients.

Therefore, Lloyds is increasing its Strategic Review 2021 net new money target from GBP 25 billion to GBP 40 billion by 2023, to reflect its increased growth potential. Through a combination of the group's new capabilities and its multi-channel distribution model, Lloyds expects this acquisition to deliver attractive growth and returns over time and create value for shareholders. 

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Keywords: acquisition, wealth management, banks, financial services
Categories: Banking & Fintech | Online & Mobile Banking
Countries: United Kingdom
This article is part of category

Banking & Fintech