The Register® — Biting the hand that feeds IT

Egg finally flees France

An oeuf is an oeuf

Free whitepaper – Thermal design of Dell PowerEdge server

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. ®

Related stories

Egg losses soar on France debacle
Pru pulls out of great Egg race
Egg flees France

Free whitepaper – Dell PowerEdge servers 2009 - Memory

Don’t Miss

DustbinDirty, dirty PCs: The X-rated picture guide

Ventblockers Horror beyond human imagination

SC09Top 500 supers - rise of the Linux quad-cores

SC09 Jaguar munches Roadrunner

Ubuntu teaser Early adopters bloodied by Ubuntu's Karmic Koala

Smooth Windows upgrade it ain't

Sign up, sign up for The Register IT security newsletter

Narrowcasting for the email classes