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..

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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.

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