Lloyds in talks to snatch up Embark

Banking giant Lloyds is reportedly in the ‘advanced stages’ of negotiations to acquire Embark.

Embark, a Scottish-based financial services firm, is one of the fastest growing digital retirement groups.

A finalised transaction would push Lloyd into areas of the market that it is not currently leading, such as wealth management. If the deal were to go ahead, it would be Lloyd’s largest acquisition since its demerger with TSB.

London sources have suggested that a deal could be announced by the end of the month.

Embark has been active in the mergers and acquisitions market since it was founded in 2012. The firm purchased Zurich’s investment and retail platform last year, and Alliance Trust Savings in 2019, for instance.

Embark is also home to important shareholders, such as BlackRock, Franklin Templeton and Legg Mason, who hold minority stakes. 

Both Lloyds and Embark have declined to speak to the press so far. 

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