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The bank has already agreed to buy wealth platform Embark Group and protection firm Cavendish Online in the past year or so, and in terms of more acquisitions would “definitely continue to look at those as we go forward,” according to Nunn. Any bolt-on deals would need to improve Lloyds’ core business, which is building new digital offerings “in a way no fintech can,” Nunn said in an interview.
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“There is a sub-segment in the UK that are going through a really challenging time,” Nunn said. “20% are having to really adapt their spending to make the space for the increase in costs and energy, foods and fuel, but circa 1% can’t make ends meet and that’s where we’re focused.”
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