31 August 2015

Egg agrees £96 million French sale to Banque Accord

22 October 2004  |  4835 views  |  0 PAris

UK Internet bank Egg has sold the unsecured lending assets of its French business to Banque Accord for €140 million (£96 million) in cash.

Egg says the French Works Council has agreed the sale, which will see the transfer of 66,000 customers and net assets of €205 million (£141 million) to Banque Accord. The transaction will lead to a loss of €65 million (£45 million) for Egg, in line with expectations of a total of £113 million in French exit costs.

The online bank is currently negotiating the sale of its online savings and brokerage business in France to Dutch bank ING. The disposal will mark the end of a costly overseas foray for the UK standalone bank, which poured £280 million into its French business only to attract 133,000 customers two years after launch.

Earlier this week Egg posted a big increase in losses for the first nine months of the year, largely due to the costs associated with the retreat from France.

Comments: (0)

Comment on this story (membership required)
Log in to receive notifications when someone posts a comment

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board, sign up now.

Related blogs

Create a blog about this story (membership required)

Related stories

19 October, 2004
05 October, 2004
01 October, 2004
28 September, 2004

Related company news

 
Your browser is unable to support Flash files.

Top topics

Most viewed Most shared
Android Pay could launch this week
6596 views comments | 26 tweets | 22 linkedin
SunGard system glitch causes havoc for BNY...
6369 views comments | 13 tweets | 12 linkedin
FIS opens Indian financial inclusion lab
6032 views comments | 14 tweets | 2 linkedin
Kenya's NIC Bank links to Twitter and What...
5753 views comments | 27 tweets | 15 linkedin
Wirecard bids for Worldpay - Bloomberg
5227 views comments | 10 tweets | 7 linkedin

Featured job

Excellent Salary and Company benefits package
London

Find your next job