Citigroup’s sale of UK-based online subsidiary
Egg is nearing a close with Barclays, private equity group
Blackstone and one other unnamed bank reportedly among the
remaining bidders.
Egg is expected to be sold for up to £400m
($631.4m) – £175m less than Citi paid for the division it acquired
from Prudential in 2007..
Go deeper with GlobalData
In September 2009, Citi told RBI that
the bank’s retail interests in the UK, Belgium, Spain and Greece
had been assigned to the bank’s non-core CitiHoldings unit.
At the same time, RBI reported that Barclays would be
interested in Egg if the unit was priced aggressively.
While customer numbers at Egg have declined to
2 million, the unit is now turning a moderate profit, having been
loss-making for the majority of its time in Citi ownership.
Citigroup’s core retail banking markets within
the EMEA region include: Poland, Russia, Turkey, Czech Republic,
Hungary, Romania, the United Arab Emirates, Bahrain, Egypt and
Pakistan.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
