EGG up for sale

Rupert_Bear

It has been confirmed today that the owners of EGG are putting the company up for sale and they will hold an auction in the Autumn.

Will be interesting to see what difference this will make to the original Egg money card with the 1% cash back.

Megalomaniac

Got a link - must say I didn't notice much of a difference between Prudential and Citibank. I like Egg, hope this doesn't affect their image/products/service etc...

Fruit_and_Nut_Case

Megalomaniac wrote: »

Got a link - must say I didn't notice much of a difference between Prudential and Citibank. I like Egg, hope this doesn't affect their image/products/service etc...

Financial Times (Registration required)

premierfella

Thanks OP. The story seems to be a puff piece given some weight by the brief statement from Citi which does little more than confirm what was already known.

Sloppy journalism by the FT though - unless Tesco is preparing to buy Metro Bank after only a few days....

Rupert_Bear

From my stockbroking site.

Citigroup is preparing to sell Egg, its UK online banking business, as part of its plans to dispose of peripheral operations. The American banking group is thought to be planning to launch an auction for the business in the autumn with a view to selling Egg this year. Citi has made clear its intention to sell off non-core assets. The bank is under political pressure to repay the US government after it received tens of billions of dollars in taxpayer support during the financial crisis, the Telegraph reports.

SG_Guy

Wonder what will happen to service standards if Santander bids for Egg and succeeds.

mufc689908

Rupert_Bear wrote: »

It has been confirmed today that the owners of EGG are putting the company up for sale and they will hold an auction in the Autumn.

Will be interesting to see what difference this will make to the original Egg money card with the 1% cash back.

Jesus Christ that sounds so Mickey Mouse:D

Clitibank must have lost a fortune owning these clowns:D

Rupert_Bear

mufc689908 wrote: »

Jesus Christ that sounds so Mickey Mouse:D

Clitibank must have lost a fortune owning these clowns:D

I understand the reason is that Citi have been advised by the American side to get rid of their non core assets and unfortunately this is one of them.

I had a Citi card which was formally owned by the Associates. Then about six months ago City
sold this part of the business to a sub prime cc company. I just hope Egg does not go the same way.

fozmcfc

Depending on who buys it, will determine whether I bovver to keep my Egg card going.

I've always had good service from Egg, but now I owe them nothing I can choose myself if I want to leave.

Main reason for keeping my Egg card going really is that it's the only Visa CC I have.

Curt.

Rupert_Bear wrote: »

From my stockbroking site.

Citigroup is preparing to sell Egg, its UK online banking business, as part of its plans to dispose of peripheral operations. The American banking group is thought to be planning to launch an auction for the business in the autumn with a view to selling Egg this year. Citi has made clear its intention to sell off non-core assets. The bank is under political pressure to repay the US government after it received tens of billions of dollars in taxpayer support during the financial crisis, the Telegraph reports.

I think that was what i predicted word for word just a week or two on here (selling assets, especially those that involve lending products so, one they can pay back the TARP relief and 2, dont have to lend anymore money). I'll see if i can find the post...

Curt.

mufc689908 wrote: »

Clitibank must have lost a fortune owning these clowns:D

Seems fitting given what imbeciles Citi themselves are..