Egg finally flees France
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Posted in Financial News, 22nd October 2004 10:34 GMT
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Online bank egg has finally rid itself its unloved French subsidiary.
The credit cards and loans part of the business will be sold to Banque Accord for £96m in cash. The deal is subject to regulatory approval but has been approved by unions. 66,000 customers will see their accounts move with net assets of approximately £141m.
Prudential-owned egg has been trying to get shot of its French operations since late 2003. Egg said UK profits of £72.8m for 2003 were eaten up by French losses of £89.1m. In July this year the bank said it would close the business having failed to find a buyer.
The deal should see 100 out of 450 jobs saved and moved across to Banque Accord.
A spokeswoman for egg confirmed that it is still in talks with INGDirect to sell off its savings and investment business in France. ®
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