Lloyds Banking Group to acquire Embark Group for £390m.

Lloyds Banking Group, a British financial institution, agreed to acquire Embark Group, a fast growing investment and retirement platform business, for £390m ($541m). Merian Chrysalis, a British investment trust, exits its investment as part of the deal. "In eight short years, Embark has built one of the most respected and fastest growing digital retirement and savings businesses in the UK. The combination of Lloyds Banking Group’s financial strength and distribution reach, with the agility, digital capability and expertise of Embark, will provide the perfect opportunity to create a market-leading proposition for consumers, intermediaries and strategic partners," David Barral, Embark Group Chairman.