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  • Citigroup Inc. (NYSE:C) About to Sell Egg, Its Online Banking in UK

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    Wednesday August 4, 2010 at 10:10 am EST

    Citigroup Inc. (NYSE:C) Plans to Sell its Egg Internet Banking Business For $994M

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    Citigroup Inc. (NYSE:C) is preparing to sell Egg, its UK online banking business, as its continous effort to dispose of peripheral operations. Sky News reported that Citigroup Inc. (C) is about to put up for sale its Egg online banking division for £500 million ($994 million). It is notable that Citi had bought Egg just three years ago from Prudential (PRU) for £546 million ($1.086 billion).

    Egg is the world’s largest internet bank based in UK. It was the part of non-core division of CitigroupInc. (NYSE:C) that was formed after Citi was bailed out by Taxpayer money.

    Egg, operating from accounts set online or via the call centre, has about 1,800 staff and about 2.0 million customers. With the sale of Egg, Citi will be almost out of retail banking in Britain.

    Citigroup Inc. (NYSE:C) Shares closed at $4.13 Tuesday near resistance level of $4.22. 
    Resistance levels - $4.43 and $4.98
    Support Levels - $3.99 and $3.7.

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