Citi has finally sold its UK online mortgage and savings
subsidiary Egg.
The Egg network has been sold to Yorkshire
Building Society and comes three months after the Egg credit card
portfolio was offloaded to Barclays Bank.
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In September 2009,
Citi had told RBI that the bank’s retail interests in
the UK had been assigned to the bank’s non-core CitiHoldings
unit.
In October, RBI reported that the Egg
network was expected to be sold for up to £400m ($631.4m) –
£175m less than Citi paid for the division it acquired from
Prudential in 2007.
Egg’s savings book has a value of £2.5bn
($4bn) and its residential mortgage portfolio is worth around
£430m.
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.
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By GlobalDataCitigroup’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.
