Egg to pull out of France – report • The Register

Egg to pull out of France – report

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By Tim Richardson • Get more from this author

Posted in Business, 13th October 2003 10:28 GMT

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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. ®

Egg gets Zebank

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