Prudential has flogged its online operation Egg for less than half the amount it valued the loss-making internet bank 12 months ago.
Citi – part of the Citigroup – shelled out £546m, despite the Pru valueing the business at £900m last year when it bought out minority shareholders. Egg boss Ian Kerr will move to Citi as part of the deal and will run both the internet business and Citi UK Consumer, which together have more than four million customers. The former retail banking chief executive at Halifax Bank of Scotland joined Egg as CEO last November. He is bullish about prospects for the combined business. “We will use our shared knowledge an expertise to provide a broader range of products and distribution from onli...
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