Citigroup rumoured to be putting Egg up for sale

Citigroup rumoured to be putting Egg up for sale

There is speculation that internet bank Egg is to be put up for sale by Wall Street banking giant, Citigroup.

According to Sky News, the bank will be looking for around £500 million for its internet banking arm and will launch a formal process next month.

Today, a spokesperson for Citigroup said: “We do not comment on speculation or rumour, but it is already public knowledge that Egg is part of Citi Holdings.

Citigroup, which acquired Egg in 2007 from Prudential for $1.13 billion, suffered massive losses during the financial crisis and had to be bailed out in November 2008 by the US Government.

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