industry finance and insurance fate assets acquired by barclays and yorkshire building society founded united kingdom 1998 defunct 2011 2011 headquarters derby england united kingdom products financial services number of employees 1 100 parent citigroup website www.egg.com egg is a former british internet bank headquartered in derby that is now a trading name of yorkshire building society . egg was born out of the uk banking arm of prudential plc prudential banking plc which was established in 1996 and the egg brand was launched in 1998 . it was only possible to operate an egg account over the internet or via their call centre . egg specialised in savings and general insurance but no longer offers clarification needed loans credit cards or mortgage products . 1 the credit card business was sold to barclaycard followed by the remaining savings and mortgage business to yorkshire building society which subsequently transferred all remaining customer accounts over from egg . following the sale of its assets egg banking plc which remained under the ownership of citigroup was renamed canada square operations limited and continues to handle matters relating to certain egg products from before the sale of assets and any assets that were not transferred to the new owners . 2 contents 1 history 2 egg france 3 controversies 4 references 5 external links history edit egg was established as a division of uk life assurance company prudential . 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 79 % . 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 dropped its plans in 2004 . 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 formerly of hbos in november 2006 . on 29 january 2007 prudential announced that it had agreed to sell egg to citigroup for a consideration of 575 million subject to approval by the financial services authority . 3 4 5 on 1 may 2007 the sale of egg to citi was completed and egg ceo ian kerr was appointed head of egg and citi uk consumer . 6 in early 2008 ian kerr left the business and was replaced in march by bert pijls . bert joined citi in 1990 and has held several roles in the bank . 7 in november 2007 approximately 350 non specialist roles were moved from the dudley centre to derby resulting in redundancies and relocation packages . the dudley office has now been closed . on 1 march 2011 barclays bank announced that they had agreed to buy egg s more than 1 million uk credit card accounts from citigroup . 8 barclay s barclaycard division took over the egg credit card business in may 2011 after citi had spent time trying to sell the business as part of its citi holdings portfolio . citi and barclaycard share the same site at pride park but it was announced on 21 june 2011 that barclaycard would not be required to continue operations in derby and would move operations to their kirkby and northampton sites leaving 659 people redundant . on 25 july 2011 egg announced the proposed sale of all savings and mortgage accounts to yorkshire building society . this would complete citigroup s sale of the egg business . 9 egg france edit capitalising on its british success egg launched in france in mid 2002 with la carte egg . 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 unsecured lending business to fr banque accord 10 11 and the savings and brokerage businesses to ing of the netherlands . 12 13 controversies edit on 2 february 2008 egg chose to cancel the credit cards of 161 000 7 % of its customers . the bank gave customers 35 days notice after which they would not be able to spend more on their cards . 14 while publicised as an attempt to purge risky customers from their books many affected customers came forward with claims that they had excellent credit histories . this led to speculation that the move was an attempt to remove customers who did not accumulate interest on their accounts and therefore did not generate profit for the bank . 15 the financial services authority fined egg 721 000 in december 2008 for the persistent misselling of payment protection insurance ppi on its credit cards . 16 the authority s director of enforcement margaret cole said egg used inappropriate sales techniques to try to persuade customers to buy payment protection insurance on their credit card even when they asserted they did not want the cover . during 2008 egg attempted to have one of its customers jailed saying the chip & pin cards were uncloneable and the customer was clearly lying about transactions from an atm . the police arrested the customer but after much investigation the customer was acquitted . 17 18 references edit credit cards saving accounts insurance egg . egg.com . retrieved 17 february 2011 . http www.citibank.co.uk personals cards cards feedback egg.htm about citi . press room . citigroup.com . 19 april 2010 . retrieved 21 may 2010 . prudential sells egg to citigroup . finextra . retrieved 2010 05 21 . the history of egg a shattering experience . the daily telegraph . 2011 03 01 . citi completes egg acquisition . finextra.com . retrieved 2010 05 21 . bert pijls linkedin profile . linkedin.com . retrieved 2011 02 17 . egg credit cards bought by barclays bank . www.bbc.co.uk . 2011 03 01 . retrieved 2011 03 10 . osborne hilary 2011 07 25 . yorkshire building society to buy egg s savings and mortgage accounts . london www.guardian.co.uk . retrieved 2011 07 29 . group news releases update on closure of egg france . prudential.co.uk . retrieved 2012 04 18 . egg agrees 96 million french sale to banque accord . finextra.com . retrieved 2012 04 18 . ing in talks to buy egg s savings unit . london guardian.co.uk . 2004 10 06 . retrieved 2012 04 18 . egg sells french business to ing . finextra.co.uk . retrieved 2012 04 18 . egg acts over risky customers . bbc news . 2 february 2008 . retrieved 2008 02 02 . egg s risky customers answer back . bbc news . 2 february 2008 . retrieved 2008 02 02 . barrow becky 2008 12 11 . egg credit card fined 720 000 for persuading 40 000 customers to buy insurance they didn t want . daily mail . london . http www.bbc.co.uk iplayer episode b011l7j9 fake britain series 2 episode 7 shreeve jimmy lee 2011 10 23 . chip and pain a financial fiasco . the independent . external links edit official website v t e citigroup brands and companies banamex citibank citibank syariah citigold citi private bank egg metalmark capital red roof inn key people michael e. o neill vikram pandit richard parsons william r. rhodes lewis b. kaden al waleed bin talal john havens notable former executives winfried bischoff michael bloomberg gary crittenden jamie dimon ahmed fahour stanley fischer lewis glucksman thomas w. jones sallie krawcheck victor menezes george s. moore samuel osgood joe j. plumeri chuck prince john reed robert rubin james stillman rockefeller william rockefeller moses taylor sandy weill robert b. willumstad walter wriston corporate directors michael armstrong alain belda george david kenneth t. derr john m. deutch roberto hern ndez ram rez jane fraser ann jordan klaus kleinfeld andrew n. liveris anne mulcahy richard parsons chuck prince judith rodin robert rubin franklin a. thomas sandy weill local entities argentina australia canada china hong kong india indonesia japan south korea malaysia mexico philippines singapore thailand uganda united arab emirates vietnam predecessors acc capital california federal bank franklin national bank headquarters 399 park avenue new york city new york 10043 united states v t e commercial and retail banks in the united kingdom banking in the united kingdom barclays barclays bank barclays wealth cybg clydesdale bank yorkshire bank hsbc holdings first direct hsbc bank hsbc private bank m & s bank lloyds banking group1 bank of scotland bank of wales birmingham midshires halifax lloyds bank royal bank of scotland group2 adam and company child & co. coutts & co. drummonds bank natwest royal bank of scotland ulster bank santander group cahoot cater allen santander uk wholly state owned national savings and investments post office money uk financial investments uk asset resolution bradford & bingley3 nram3 other airdrie savings bank al rayan bank aldermore allied irish bank gb first trust bank arbuthnot latham & co secure trust bank bank and clients bank of ireland butterfield bank cambridge & counties bank c. hoare & co close brothers group the co operative bank smile danske bank duncan lawrie handelsbanken harrods bank icici bank uk julian hodge bank kingdom bank kleinwort benson metro bank monzo onesavings bank raphaels bank reliance bank n m rothschild & sons sainsbury s bank sg hambros shawbrook bank standard chartered tesco bank triodos bank tsb unity trust bank virgin money big four banks are underlined and private banks are shown in italics 1 10 % owned by ukfi 2 73 % owned by ukfi 3 mortgage assets only retrieved from https en.wikipedia.org w index.php title egg banking & oldid 738535001 categories defunct banks of the united kingdomcompanies based in derbyonline bankscitigroupprudential plchidden categories pages using infobox company with unsupported parameterswikipedia articles needing clarification from july 2015 navigation menu personal tools not logged intalkcontributionscreate accountlog in namespaces article talk variants views read edit view history more search navigation main pagecontentsfeatured contentcurrent eventsrandom articledonate to wikipediawikipedia store interaction helpabout wikipediacommunity portalrecent changescontact page tools what links hererelated changesupload filespecial pagespermanent linkpage informationwikidata itemcite this page print export create a bookdownload as pdfprintable version languages add links this page was last modified on 9 september 2016 at 14 57 . text is available under the creative commons attribution sharealike license ; additional terms may apply . by using this site you agree to the terms of use and privacy policy . wikipedia is a registered trademark of the wikimedia foundation inc. a non profit organization . privacy policy about wikipedia disclaimers contact wikipedia developers cookie statement mobile view