UK-based Lloyds Banking Group is set to announce the acquisition of savings and retirement firm Embark Group, according to Sky News.
Rumours of the £400m ($555m, €470m) deal started in May 2021.
Media reports suggest that the deal will be announced on 29 July 2021 alongside Lloyds’ half-year results.
The acquisition 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, Embark declined to comment and Lloyds did not comment in time for publication.
