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Egg finally flees France
An oeuf is an oeuf
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. ®