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Prudential says it completed the sale of its Internet bank to Citigroup

Prudential says it completed the sale of its Internet bank to Citigroup

Prudential PLC, Britain's second-largest insurer, said Tuesday that it completed the sale of its online banking unit Egg PLC to Citigroup Inc. for 546 million pounds (US$1.09 billion) in cash.
Citi said it also appointed Egg CEO Ian Kerr to run Egg and Citi U.K. Consumer.
The company agreed to buy Egg in January to expand its financial operations in Britain and its Internet expertise worldwide.
Completion of the deal follows receipt of regulatory approval earlier this year and the acquisition should boost earnings in its first year, Citi said in a statement.
The combination of Egg and Citigroup's British consumer banking and finance operations creates a financial services provider with over 4 million customers and more than quadruple Citigroup's 800,000 British credit card base.
The move is in line with recent trends at Citigroup, the largest bank by assets in the United States, which has eschewed blockbuster deals and focused on targeted and strategic acquisitions.


Updated : 2021-07-25 08:09 GMT+08:00