US-based financial services group Citi is reportedly mulling over plans to put its UK internet banking arm Egg up for auction, Reuters reports quoting the Financial Times.
According to the same source, Citi – which acquired Egg in early 2007 from UK life assurance company Prudential – has been in talks with potential bidders and is planning to put Egg up for sale in early autumn 2010. Apparently, Citi’s move to dispose of Egg is part of the group’s move to cut back on unwanted assets.
Egg currently serves around 2 million customers in the UK.