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Citigroup plans to sell EGG

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  • #16
    Re: Citigroup plans to sell EGG

    I imagine that it will be a dutch auction, similar to that of william and glynn's:
    http://www.bbc.co.uk/blogs/thereport...tion_of_w.html

    I think that Santander could be ruled out;
    possible probs. with the competition commission, methinks?
    Last edited by Angry Cat; 9th September 2010, 12:38:PM. Reason: typo

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    • #17
      Re: Citigroup plans to sell EGG

      Do you think it will "whip up" much interest?

      Comment


      • #18
        Re: Citigroup plans to sell EGG

        Venture capitalists will be interested but not in the toxic parts.

        So, who can be ruled out?

        Virgin;
        Tesco and;
        Santander (for the reason as stated above).

        What about the Metro Bank?
        Too chancy for a young bank, however, if they could obtain Egg cheaply enough, maybe.

        Remember, Egg's track record is far from good, this will be reflected in the price on the day

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        • #19
          Re: Citigroup plans to sell EGG

          would you buy shares in them? I wouldn't

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          • #20
            Re: Citigroup plans to sell EGG

            Looks like KKR or, J C Flowers may be interested:
            http://findarticles.com/p/news-artic.../ai_n54729860/

            The $64,000 dollar question is:
            How much will they be prepared to pay?

            Neither, will want to buy all that toxic debt, though...everything has its price!

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            • #21
              Re: Citigroup plans to sell EGG

              Most of its mine. I take full responsibility. Sorry Egg

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              • #22
                Re: Citigroup plans to sell EGG

                http://investing.businessweek.com/re...capId=20497482

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                • #23
                  Re: Citigroup plans to sell EGG

                  An interesting article about Citi:
                  http://europeadmin.citywebwatch.com/...x?file_id=3545

                  Comment


                  • #24
                    Re: Citigroup plans to sell EGG

                    sheisters attract sheisters

                    Comment


                    • #25
                      Re: Citigroup plans to sell EGG

                      Barclays In Talks To Buy Internet Bank Egg After Citigroup Decides To Sell It | Business | Sky News Barclays In Talks To Buy Internet Bank Egg After Citigroup Decides To Sell It | Business | Sky News

                      Whoever buys it, what happens to accounts that are in dispute? Do they pass over to the new owner? I thought they had to stay with the OC and could not be passed on? Or is that just to third party people such as DCAs?

                      I hope Barclay welcome me back with open arms. They wrote off my credit debt back in 1999. Nice to meet "old friends" again.
                      Thanks!

                      Debtisbad

                      Comment


                      • #26
                        Re: Citigroup plans to sell EGG

                        Hmm, they bought troubled 'Goldfish', which included many Morgan Stanley accounts:
                        http://www.guardian.co.uk/business/2...ss.creditcards

                        Barclays, was the first credit card provider in the UK.

                        Comment


                        • #27
                          Re: Citigroup plans to sell EGG

                          Originally posted by debtisbad View Post
                          Barclays In Talks To Buy Internet Bank Egg After Citigroup Decides To Sell It | Business | Sky News Barclays In Talks To Buy Internet Bank Egg After Citigroup Decides To Sell It | Business | Sky News

                          Whoever buys it, what happens to accounts that are in dispute? Do they pass over to the new owner? I thought they had to stay with the OC and could not be passed on? Or is that just to third party people such as DCAs?

                          I hope Barclay welcome me back with open arms. They wrote off my credit debt back in 1999. Nice to meet "old friends" again.
                          Whoever, the final purchaser is, they will keep the good accounts and sell the bad...

                          Comment


                          • #28
                            Re: Citigroup plans to sell EGG

                            Have a read of Curly Ben's Deeds of Assignment. I think you'll find if it goes through Barclays will become legal owner of any debts to Egg and have full rights over their collection / enforcement.

                            Comment


                            • #29
                              Re: Citigroup plans to sell EGG

                              OK, for me, they are therefore buying two disputed accounts that have been going on since 2005. I also live abroad. So hello Barclays, bye-bye Barclays from me.
                              Thanks!

                              Debtisbad

                              Comment


                              • #30
                                Re: Citigroup plans to sell EGG

                                http://www.thisismoney.co.uk/markets..._id=3&ito=1565

                                Citigroup faces loss with Egg sell-off

                                Financial Mail
                                14 November 2010, 11:09am

                                Citigroup could make a loss of up to £273m on the sale of Egg, the world's largest internet bank, according to sources close to the process.
                                Rotten Egg: Online bank to be sold for a loss.
                                Barclays is understood to be offering half of what Citigroup paid for Egg when it acquired the company from Prudential three years ago.


                                Private equity giants Kohlberg Kravis Roberts and Blackstone are believed to be less interested in acquiring Egg after assessing the business in recent weeks, undermining Citi's hopes of completing a sale this year.


                                Comment

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