Lloyds Bank has announced it will buy Embark Group – an investment platform business – for £390 million as it pushes to grow its wealth proposition.

Lloyds said the deal was off the back of its 2021 strategic review, in which it is aiming to meet “more of its customers' broader financial needs, whilst retaining more of the £10 billion assets under administration which customers invest with third parties each year”.

“The acquisition of Embark will de...