1130 GMT - Lloyds Banking Group's strategy has been primarily focused on organic growth since the start of its midterm plan, CEO Charlie Nunn said in a results call with reporters when asked about M&A opportunities. The British lender has done two small deals: It bought investment platform Embark in 2021 and car financing company Tusker in 2023. "We've always said capability and infill acquisitions where they bring something new that we can really bring to our broader customer base is part of our strategy, but anything more fundamental transformation really isn't part of the next two years. And that's because we're seeing just great growth," he added. This growth in deposits, loans, assets under management and in its pension business is larger than many other companies' acquisitions, he notes. Shares rise 5%. (elena.vardon@wsj.com)
(END) Dow Jones Newswires
February 20, 2025 06:30 ET (11:30 GMT)
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