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The bank's wealth and insurance boss Antonio Lorenzo revealed that billions of pounds flows out of Lloyds to companies such as Hargreaves Lansdown.

PRESS DIGEST-British Business - July 29 by Reuters Thursday, 29 July 2021 00:33 GMT About our Humanitarian Crises coverage From major disaster, conflicts and under-reported stories, we shine a light on the world’s hotspots Share: The Times - Singapore's sovereign wealth fund has joined forces with the Fortress-led consortium pursuing WM Morrison Supermarkets Plc, giving the bidder more firepower to raise its offer if required. https://bit.ly/3zL21VZ - ITV Plc plans to resume dividend payments after the return of international football helped to fuel a rebound in advertising...

LONDON BRIEFING: Lloyds Banking to Embark on wealth management drive Thu, 29th Jul 2021 08:23 (Alliance News) - Lloyds Bankings on Thursday followed peer Barclays in announcing a big improvement to second-quarter results, while also restoring its payout and announcing an acquisition to accelerate its push into wealth management. Lloyds said it swung to a GBP3.91 billion pretax profit in the first half of 2021, from a GBP602 million loss a year earlier. The lender's net income rose 2.0% to GBP7.56 billion from GBP7.41 billion. Net interest margin was 2.5%, which it guided for the rest of 2021 ...

Lloyds Banking Group buys Embark for £390m Jackie Leiper to run business Share Lloyds Banking Group buys Embark for £390m Platform business Embark and its subsidiary brands have been sold to Lloyds Banking Group for £390m, it has been announced. The deal, which is subject to regulatory approval, excludes the Rowanmoor SIPP and SSAS administration business, which is being retained by existing shareholders. The deal announced today (29 July) sees Lloyds acquire about £35bn in assets under administration on behalf of 410,000 consumer clients.  Jackie Leiper, managing director pensions, stoc...

The firm has steadily built up holdings, including hotel website Secret Escapes, chip company Graphcore, Matthew Mouldingrun THG - which listed last year - and challenger bank Starling.