Market Chatter: Lloyds Banking Group Reportedly Nearing Deal for Embark Takeover
04:47 AM EDT, 05/10/2021 (MT Newswires) -- Lloyds Banking Group (LYG) is nearing a deal to take over Embark Group, a privately-owned provider of savings and retirement solutions, for 400 million pounds ($563.1 million), Sky News reported on Saturday, citing unnamed sources.
Formed in 2012, Embark has more than 38 billion pounds under administration and close to 500,000 customers across the country. The deal, if it goes through, could be announced as soon as this month, Sky News said.
The takeover would allow the British lender to expand in other areas of financial services, such as wealth management and insurance, and create a distribution channel for Scottish Widows mutual fund products, according to the report.
A representative for Lloyds declined to comment on the report while Embark did not respond to a request for comment, Sky News said.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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