Citigroup (C) To Sell Egg Internet Banking Business For $994M ; Report

Sky News reports that Citigroup (C) is about to put up for sale its Egg online banking division for £500 million ($994 million), just three years after buying it from Prudential (PRU) for £546 million ($1.086 billion).

Egg, the world’s largest internet bank, is an online commercial bank in the UK and part of the non-core division of Citigroup that was created when the firm was bailed out by the US taxpayer in the aftermath of the banking crisis.

Sky’s City editor Mark Kleinman said: “Egg enjoyed a huge profile when it was launched in 1998… before being sold to Citi…”

The sale of Egg signals Citi’s almost total retreat from retail banking in Britain.

Egg, which operates from accounts set up over the internet or via the call centre, has about 1,800 staff and about two million customers.

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