Internet bank moves to the high street
Online bank Egg is to expand onto the high street following its sale by Prudential for £575million. The new owner, US bank Citigroup, will incorporate its Citi UK business into Egg and plans to expand its UK network of 5 retail bank branches and 100 consumer finance branches under the Egg brand.
Combining Egg and Citigroup’s UK consumer operations will create a broad-spectrum consumer financial services provider as the two organisations combine their retail offerings. The new company will have four million customers in the UK - including Egg’s 2.9 million credit card customers and Citigroup’s 800,000 UK credit card base. Citigroup wants to build on the strong online distribution capabilities which Egg has built up since it launched in 1998 - and use what it learns to “enhance” its global offerings.
Citi UK consumer group chief executive Surinder Singh told Marketing Week that the network of bank branches will increase, “particularly in London and the South-east”.
from: InternetRetailing.net
7/2/2007
