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Encyclopedia > Egg Banking plc
Egg plc
Type
Founded United Kingdom (1994)
Headquarters Pride Park, Derby, United Kingdom
Industry Finance and Insurance
Products Financial Services
Employees 2,200
Parent Citigroup
Website www.egg.com


Egg Banking plc is a British internet bank, with headquarters in Derby, Dudley and London, England. Formerly called Prudential Banking plc, Egg was established in 1996, and is now the world's largest internet bank in that it is only possible to operate an Egg account over the internet, or via their call centre. Egg specialises in savings, credit cards and loans but also offers mortgage and insurance products. Image File history File links No higher resolution available. ... Finance and Insurance is an industry group that mainly handles the transfer of paper and money, financial assets. These include: Accounting, Asset Management, Electronic Communications Networks, Financial Services Regulatory Agencies, Investment Banking Investment Firms, Investment Funds, Lending, Outsourced Financial Products & Services Marketing, Securities Brokers & Traders, Stock Exchanges, Trade Facilitation, and... Financial services is a term used to refer to the services provided by the finance industry. ... For the album by the Kaiser Chiefs see Employment (album) Employment is a contract between two parties, one being the employer and the other being the employee. ... A holding company is a company that owns enough voting stock in another firm to control management and operations by influencing or electing its board of directors. ... A website (or Web site) is a collection of Web pages, images, videos and other digital assets and hosted on a particular domain or subdomain on the World Wide Web. ... Online banking (or Internet banking) is a term used for performing transactions, payments etc. ... Derby (pronounced dar-bee ) is a city in the East Midlands of England. ... Map sources for Dudley at grid reference SO9390 Dudley is a town in the West Midlands, England. ... This article is about the capital of England and the United Kingdom. ... Motto (French) God and my right Anthem God Save the King (Queen) England() – on the European continent() – in the United Kingdom() Capital (and largest city) London (de facto) Official languages English (de facto) Government Constitutional monarchy  -  Queen Queen Elizabeth II  -  Prime Minister Tony Blair MP Unification  -  by Athelstan 967  Area... In common usage, saving generally means putting money aside, for example, by putting money in the bank or investing in a pension plan. ... Credit cards A credit card is a system of payment named after the small plastic card issued to users of the system. ... A loan is a type of debt. ... This article is about the legal mechanism used to secure property in favor of a creditor. ... Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. ...

Contents

History

Egg was established as a division of Prudential plc, the UK life assurance company. Prudential Banking was involved in direct selling of savings and mortgage products. In 1998, the division was renamed Egg and relaunched as the UK's first internet bank. The service gained in popularity, and soon the bank had more than 2 million customers. In 2000, Prudential cashed in on its stake and floated 21% of the company on the London Stock Exchange, retaining a 79% stake. In 2003 Prudential announced its intention to sell its remaining stake in Egg to a third party. Despite rumours of interest from the likes of Royal Bank of Scotland and HSBC, no formal offers were made public, and Prudential formally dropped its plans in 2004. Prudential plc (LSE: PRU, NYSE: PUK) is a United Kingdom-based financial services company. ... The Source by Greyworld, in the new LSE building Paternoster Square. ... The Royal Bank of Scotland Group plc (LSE: RBS) is the successor to The Royal Bank of Scotland (Scottish Gaelic: [1]), founded in 1727 by Royal Charter of King George I.[2] Based in Edinburgh, it is a banking and insurance holding company. ... HSBC Holdings plc (LSE: HSBA, SEHK: 005, NYSE: HBC, Euronext: HSBC, BSX: 1077223879) is one of the largest banking groups in the world, ranked the fifth-largest company and third-largest banking company in the world in Forbes Global 2000. ...


Subsequently, Prudential bought back the remaining minority share in January 2006 and de-listed the organisation from the London Stock Exchange. Chief Executive Officer, Paul Gratton, left the organisation in March 2006 to be replaced by then Chief Operating Officer, Mark Nancarrow. Mark was subsequently replaced by Ian Kerr, formally of HBOS in November 2006. The Source by Greyworld, in the new LSE building Paternoster Square. ... Group headquarters on The Mound, Edinburgh HBOS Office at Trinity Road, Halifax HBOS plc (LSE: HBOS) is the holding company of the HBOS Group, formed on the 10 September 2001 by, and named after, the principals involved in the merger of Halifax plc, the former Halifax Building Society, with Bank...


"Karls Team" is officially the worst team that has worked for Egg with the worst team leader in the past 6 years Karl Swanson. Dene Parker has demotivated this team to be one of the worst in his Line, and Dene's Line is the lowest acheiving line in terms of profitability, humour, and looks. The worst employee of note was Chris Barron, who, in 2006, was fired from Egg, for having very poor bodily hygeine and an agressively anti-social approach to his co-workers.


On 29th January 2007, Prudential announced that it has agreed to sell Egg to Citigroup for a consideration of £575 million subject to approval by the Financial Services Authority.[1][2] The Financial Services Authority (FSA) is an independent non-departmental public body and quasi-judicial body that regulates the financial services industry in the United Kingdom. ...


On the 1st of May 2007 the sales of Egg to Citi was finally complete and appointed the CEO off Egg, Ian Kerr, to be the head of Egg and Citi UK Consumer. [3]


To celebrate the takeover the Derby office held a champagne and cake reception where Ian kerr and George Awad gave a rousing speech about eggs future. Each employee at the Derby office was presented with a ceremonial mouse mat and cloth shopping bag.


La Carte Egg

Capitalising on its British success, Egg launched in France in 2002. However, despite investing heavily in the French market, the services were never popular with the French, who generally hold fewer credit cards than the British. In 2004, Egg decided to close its French operations, selling the business to ING of the Netherlands. ING House, ING headquarters in Amsterdam ING Groep N.V. (NYSE: ING, Euronext: INGA) (known as ING Group) is a financial institution of Dutch origin offering banking, insurance and asset management services. ...


See also

Citigroup Inc. ... Security First Network Bank claimed to be the first pure internet bank and was founded in October 1995 in Atlanta, Georgia. ...

External links


 
 

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