Feeds

Egg to pull out of France – report

No comment

  • alert
  • submit to reddit

Seven Steps to Software Security

Speculation that Egg is about to pull out of France has been described as "old news", according to a spokesman at the UK online bank.

The Mail on Sunday reported that Egg is to announce its decision to withdraw from France when it publishes Q3 results later this month.

According to the Sunday paper there just hasn't been enough interest in the bank in France - either from punters or potential partners who have been wooed to help prop up the business.

A spokesman for the bank said that talk of Egg ditching its French operation had been around for some time before declining to comment on the "rumour and speculation".

Egg opened in France last year following the £3.5 million acquisition of Zebank - the country's first e-bank owned by owned by Groupe Arnault and Dexia .

At the time Egg said it would spend around £15 million in development costs to get the venture off the ground plus £50 million in marketing and building up its brand.

Back then Egg reckoned it would attract one million punters in the first three years and predicted it would make a profit by the end of 2004. ®

Related Story

Egg gets Zebank

Boost IT visibility and business value

More from The Register

next story
There's NOTHING on TV in Europe – American video DOMINATES
Even France's mega subsidies don't stop US content onslaught
You! Pirate! Stop pirating, or we shall admonish you politely. Repeatedly, if necessary
And we shall go about telling people you smell. No, not really
Airbus promises Wi-Fi – yay – and 3D movies (meh) in new A330
If the person in front reclines their seat, this could get interesting
BBC goes offline in MASSIVE COCKUP: Stephen Fry partly muzzled
Auntie tight-lipped as major outage rolls on
UK Parliament rubber-stamps EMERGENCY data grab 'n' keep bill
Just 49 MPs oppose Drip's rushed timetable
Want to beat Verizon's slow Netflix? Get a VPN
Exec finds stream speed climbs when smuggled out
Samsung threatens to cut ties with supplier over child labour allegations
Vows to uphold 'zero tolerance' policy on underage workers
Dude, you're getting a Dell – with BITCOIN: IT giant slurps cryptocash
1. Buy PC with Bitcoin. 2. Mine more coins. 3. Goto step 1
prev story

Whitepapers

Top three mobile application threats
Prevent sensitive data leakage over insecure channels or stolen mobile devices.
The Essential Guide to IT Transformation
ServiceNow discusses three IT transformations that can help CIO's automate IT services to transform IT and the enterprise.
Mobile application security vulnerability report
The alarming realities regarding the sheer number of applications vulnerable to attack, and the most common and easily addressable vulnerability errors.
How modern custom applications can spur business growth
Learn how to create, deploy and manage custom applications without consuming or expanding the need for scarce, expensive IT resources.
Consolidation: the foundation for IT and business transformation
In this whitepaper learn how effective consolidation of IT and business resources can enable multiple, meaningful business benefits.