Lloyds Banking Group welcomes Scottish Business & Enterprise Minister as it strengthens commitment to Dundee’s fintech economy

Left to Right: Antonio Lorenzo and Ivan McKee MSP

LLOYDS Banking Group welcomed the Scottish Government to the Dundee offices of its recently acquired Embark Group on Friday 15th July.  

The business forms a key part of Dundee’s fintech economy and extends the Group’s financial planning, wealth, and insurance offer to customers.  

The Group was joined by Scottish Minister for Business, Trade, Tourism and Enterprise, Ivan McKee MSP, as it committed to continue to invest in jobs and growth in the city. 

Embark was acquired by Lloyds Banking Group earlier this year to help give customers more control of their long-term financial planning.  It already provides retirement solutions to more than 350,000 customers across the UK.

The Group expects to significantly grow the size of its team in Dundee over the course of 2022, creating over 100 new roles as it expands its fintech, marketing, customer service and operational teams in the city. 

As part of this ongoing commitment to create new job opportunities, a recent recruitment day was held at the Dundee office where 14 people were offered roles across various departments.

Ivan McKee MSP said: “I was delighted to visit Embark’s office in Dundee to meet with the team and learn more about their ambitions plans for further investment. Embark has demonstrated real innovation in its approach to growing its workforce and developing its product range. Their commitment to Dundee, and to being a key part of Scotland’s vibrant FinTech sector will support future growth and creating of skilled jobs aligned to the Scottish Government’s National Strategy for Economic Transformation.”

Antonio Lorenzo, CEO of Scottish Widows and Group Director of Insurance, Pensions & Investments at the Group, formed part of the discussions in Dundee.

Antonio Lorenzo said: “Embark is at the heart of our evolving wealth management and financial planning offer, enhancing our position as the only UK financial services provider that can meet our customers’ banking, insurance, pension savings and investment needs in one place.”  

“The acquisition also gave us access to some great technology and a team of phenomenally talented fintech innovators and specialists. We’re excited to see the team’s rapid expansion in Dundee and we welcome the support of the Minister and Scottish Government as we continue to invest in this world-beating city for fintech talent.”

Completion of the deal with Embark Group added c.£37 billion of assets under administration and c.354,000 consumer clients to the Lloyds Banking Group’s total of c.£185 billion.

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