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Citigroup lays loss-making Egg

Prudential waves goodbye to double yolker

Internet Security Threat Report 2014

Prudential PLC, the British financial services company, is to sell its loss making internet banking unit Egg to Citigroup for £575m ($1.127bn) cash.

Since launching in 1998, Egg has become the world's largest purely online banking outfit, but last year made a loss on the tidal wave of personal debt which saw record numbers declare bankruptcy. Murmurs that the Pru would ditch Egg have been bubbling under for a while.

George Awad, EMEA CEO, Citigroup Global Consumer Group, said: "We like Egg’s brand; we like Egg’s platform; we like Egg’s customer engagement model; and we like Egg's customer set."

So, to recap; George likes Egg. Citigroup said the deal should close in the next 60 to 90 days, subject to the regulatory thumbs up.

Citigroup's take on the deal is here. ®

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