Feeds

Egg attracts interest from Capital One

E-bank sale drags on

  • alert
  • submit to reddit

Intelligent flash storage arrays

The long-running saga concerning the sale of Egg has taken a new twist with yet another company emerging as favourite to buy the UK Internet bank.

Capital One, the US credit card giant, has offered £1.4bn for the Prudential's 79 per cent share in Egg, according to The Sunday Telegraph. The emergence of Capital One as a favourite to buy Egg comes as a bid by former front-runner, US rival MBNA, appears to be running out of puff, the newspaper reports.

Capital One was established in 1995 and has become a major player in the credit card industry, with 46.7m customers and managed loans totalling $71.8bn (£39bn).

The Pru has been looking for a buyer for its Internet bank for more than six months. Last year, Egg more than doubled its losses to £34.4m blaming the loss on poor business in France. Good profits for the UK business - £72.8m in the UK - were eaten up by losses of £89.1m in France.

Shares in Egg were unchanged at 159.25p in early morning trading. ®

Related stories

Egg punters up, losses down
Egg decorated for site accessibility in DRC study
Lloyds TSB leads the great Egg race
Egg blames France for big losses
Pru in talks to sell Egg

Top 5 reasons to deploy VMware with Tegile

More from The Register

next story
Doctor Who's Flatline: Cool monsters, yes, but utterly limp subplots
We know what the Doctor does, stop going on about it already
Facebook, Apple: LADIES! Why not FREEZE your EGGS? It's on the company!
No biological clockwatching when you work in Silicon Valley
'Cowardly, venomous trolls' threatened with TWO-YEAR sentences for menacing posts
UK government: 'Taking a stand against a baying cyber-mob'
Happiness economics is bollocks. Oh, UK.gov just adopted it? Er ...
Opportunity doesn't knock; it costs us instead
The 'fun-nification' of computer education – good idea?
Compulsory code schools, luvvies love it, but what about Maths and Physics?
Ex-US Navy fighter pilot MIT prof: Drones beat humans - I should know
'Missy' Cummings on UAVs, smartcars and dying from boredom
Sysadmin with EBOLA? Gartner's issued advice to debug your biz
Start hoarding cleaning supplies, analyst firm says, and assume your team will scatter
Don't bother telling people if you lose their data, say Euro bods
You read that right – with the proviso that it's encrypted
prev story

Whitepapers

Forging a new future with identity relationship management
Learn about ForgeRock's next generation IRM platform and how it is designed to empower CEOS's and enterprises to engage with consumers.
Why cloud backup?
Combining the latest advancements in disk-based backup with secure, integrated, cloud technologies offer organizations fast and assured recovery of their critical enterprise data.
Win a year’s supply of chocolate
There is no techie angle to this competition so we're not going to pretend there is, but everyone loves chocolate so who cares.
High Performance for All
While HPC is not new, it has traditionally been seen as a specialist area – is it now geared up to meet more mainstream requirements?
Intelligent flash storage arrays
Tegile Intelligent Storage Arrays with IntelliFlash helps IT boost storage utilization and effciency while delivering unmatched storage savings and performance.