		<div class="wpcnt">
			<div class="wpa">
				<span class="wpa-about">Advertisements</span>
				<div class="u top_amp">
							<amp-ad width="300" height="265"
		 type="pubmine"
		 data-siteid="111265417"
		 data-section="2">
		</amp-ad>
				</div>
			</div>
		</div><p><a href="http://londonglossy.com/wp-content/uploads/2011/03/barclays-in-egg-credit-cards-deal.jpg"><img class="alignnone size-full" title="Barclays will acquire more than one million credit card accounts belonging to Egg under a new deal" src="http://londonglossy.com/wp-content/uploads/2011/03/min-barclays-in-egg-credit-cards-deal.jpg" alt="Barclays will acquire more than one million credit card accounts belonging to Egg under a new deal"/></a></p>
<p>Banking giant Barclays has announced that it has struck a deal to acquire more than one million credit card accounts belonging to internet bank Egg.</p>
<p>The proposed switch to Barclaycard, which is subject to regulatory approval, follows an agreement with Derby-based Egg&#8217;s US owner, Citi.</p>
<p>The credit card portfolio is the largest part of Egg, which opened for business in 1998 as one of the UK&#8217;s first internet-only banks. Other Egg products covering savings, insurance, loans and mortgage will remain with Citi, while the US bank has retained the Egg brand.</p>
<p>Citi acquired Egg from Prudential for £575 million in early 2007 before the credit crunch and recession struck.</p>
<p>However, Egg has been squeezed by the downturn and heavy online competition, while Citi has been under pressure to shrink its balance sheet after a huge bail-out put a third of the business into public ownership.</p>
<p>Barclays said the acquisition valued the assets at a &#8220;significant discount&#8221; to the approximate £2.3 billion valuation of account balances. Completion of the deal is expected to take place in the first half of this year, it added.</p>
<p>The Egg business, which has 1.15 million credit card accounts, employs around 1,500 people, with the majority based in Derby.</p>
			<div style="padding-bottom:15px;" class="wordads-tag" data-slot-type="belowpost">
				<div id="atatags-dynamic-belowpost-69e381564d951">
					<script type="text/javascript">
						window.getAdSnippetCallback = function () {
							if ( false === ( window.isWatlV1 ?? false ) ) {
								// Use Aditude scripts.
								window.tudeMappings = window.tudeMappings || [];
								window.tudeMappings.push( {
									divId: 'atatags-dynamic-belowpost-69e381564d951',
									format: 'belowpost',
								} );
							}
						}

						if ( document.readyState === 'loading' ) {
							document.addEventListener( 'DOMContentLoaded', window.getAdSnippetCallback );
						} else {
							window.getAdSnippetCallback();
						}
					</script>
				</div>
			</div>
Discover more from London Glossy Post
Subscribe to get the latest posts sent to your email.
