Egg sells off French arm
Eggs disastrous french credit card venture, launched two years ago will be sold to Banque Accord.
Egg, most famous for their UK credit cards and other financial services have managed to sell their French venture after announcing that it was up for sale in July of this year. It has sold the unsecured lending assets to Banque Accord, the financial side of popular French supermarket chain Auchan for £96 million. Egg also recently announced that it was in talks with ING to sell the online brokering and savings portions of the French arm to finally rid itself of it. In two years Egg spent a rumoured £280 million and only managed to acquire 133,000 french customers, causing huge losses. The total cost of withdrawing from France is expected to be around £113 million, adding to the internet banks overall loss from the failed venture. Financial News Feeds provided by OneCompare.com
Date published: 10/26/2004 10:07:05 AM
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