Lloyds Banking Group is close to sealing a £400m ($563m, €463m) deal to acquire UK savings and retirement firm Embark Group.
Sky News said an announcement could come as soon as the end of May.
It also added that the Embark deal would bolster Lloyds’ retail investment operation including the IFA distribution channel for Scottish Widows mutual fund products.
Embark has more than £38bn under administration and close to 500,000 customers across the country. It has grown through a number of acquisitions, including the purchase of Zurich’s investment and retail platform in 2020.
International Adviser asked the two firms about the deal, however, both Lloyds and Embark refused to comment on market speculation.
Exit
The news of the prospective deal comes just days after Antonio Horta-Osorio stepped down as chief executive of Lloyds.
Horta-Osorio’s successor will be HSBC executive Charlie Nunn, who will arrive at Lloyds in August.
