Lloyds says Embark will improve its ability to address the mass market and self-directed wealth sector.
The bank is also hoping to replatform its pensions and retirement services, and says it wants to create a “market leading” platform for intermediaries.
The move comes as Lloyds continues a strategy of broadening its products on the investment and wealth side.
Lloyds says it is targeting a “top-three position” in the individual pensions and retirement drawdown market by 2025.
