Lloyds Banking Group to buy Embark for £390M

The UK's Lloyds Banking Group has agreed to buy savings and retirement services provider Embark Group and its subsidiary brands for £390 million. Founded in 2013, The Embark Group, which includes pension provider Rowanmoor, has over £40.8 billion in assets under administration from over 425,000 clients. The sale will see Lloyds acquire around £35 billion of assets under administration. The sale excludes the part of the administration business under the Rowanmoor brand, which is being retained by existing shareholders.

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