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Citigroup plans to sell EGG

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  • #31
    Re: Citigroup plans to sell EGG

    Originally posted by Angry Cat View Post
    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.
    Well, it looks like Citigroup will be left with Egg on their face, after the sale of the world's largest internet scam.

    Egg was set up on the assumption that internet banking was the way to go and that customers would be lining up to swap from their existing lenders. Such was the haste to set up Egg, they made two fatal errors. Firstly, many customers of banks stay loyal, even if their bank offers inferior interest rates, etc. Therefore Egg had to lower their lending criteria and accept a large percentage of higher risk customers, in order to get people to switch to Egg. Secondly, for some unknown reason, they put together badly written credit agreements, leading to large amounts of unenforceable agreements, or agreements that would be contested.

    Rather than accept that they made mistakes, Egg have for several years been involved with what can only be described as a vendetta against their customer base. Read all the threads on here about people who were mis sold PPI (I am one of them)-Egg were fined heavily for the mis selling. However, they still try and frustrate the process of anyone attempting to complain.

    Egg are a disgrace and if this is the future of Barclays, all I can say is that I hope that they will look after their customers better than Egg did.
    Last edited by debtisbad; 15th November 2010, 04:16:AM. Reason: Spelling corrections
    Thanks!

    Debtisbad

    Comment


    • #32
      Re: Citigroup plans to sell EGG

      Barclays, will not pay top dollar for Egg and;
      they won't want the toxic debt.

      Others seem interested:
      http://www.telegraph.co.uk/finance/n...AV-Credit.html

      Comment


      • #33
        Re: Citigroup plans to sell EGG

        Just been announced on BBC News that Barclaycard has taken the plunge and bought Egg.
        Nothing coming up on Google yet..

        Comment


        • #34
          Re: Citigroup plans to sell EGG

          Barclays buys online bank Egg - Telegraph

          The British bank did not disclose the price it was paying owner Citigroup, the US financial services group.

          Barclays


          Barclays said in statement on Tuesday that Egg's UK business consisted of 1.15m credit card accounts with assets - or gross receivables - of around £2.3bn.

          "The acquisition of Egg's UK credit card accounts has been priced at a significant discount to gross receivables. Based on current projections, we expect the transaction to exceed the financial return targets set out at our recent results announcement," finance director Chris Lucas said.

          Barclays intends to integrate the accounts into its credit card division, Barclaycard.

          Last month, Barclays said it was targeting a return on equity of 13pc and planned to cut annual costs by £1bn by 2013.



          Barclays buys online bank Egg - Telegraph
          #staysafestayhome

          Any support I provide is offered without liability, if you are unsure please seek professional legal guidance.

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          • #35
            Re: Citigroup plans to sell EGG

            Originally posted by Amethyst View Post

            Barclays intends to integrate the accounts into its credit card division, Barclaycard.
            I wonder if that means they'll reduce the default charge from £16 to £12?

            Comment


            • #36
              Re: Citigroup plans to sell EGG

              Am surprised that the Competition Commission cleared the aquisition!

              For the avoidance of doubt, Barclays have purchased both the good and bad accounts.

              Comment


              • #37
                Re: Citigroup plans to sell EGG

                I hope that Barclays are happy with their purchase of my now old defaulted account. I am targeting a return on equity of 0 pc on the account and plan to cut annual costs to zero by never paying anything back.
                Thanks!

                Debtisbad

                Comment


                • #38
                  Re: Citigroup plans to sell EGG

                  Originally posted by debtisbad View Post
                  I hope that Barclays are happy with their purchase of my now old defaulted account. I am targeting a return on equity of 0 pc on the account and plan to cut annual costs to zero by never paying anything back.
                  LOL ditto. Mine went quiet last year, dropped at the LBA stage by BC and "returned to our client".
                  Not had any dealings with Barclaycard, how aggressive are they?

                  Comment


                  • #39
                    Re: Citigroup plans to sell EGG

                    BC, bought the Morgan Stanley (Goldfish) lemons and have been quite aggressive in pursuing same. I believe many were farmed out to Cabot...

                    Comment


                    • #40
                      Re: Citigroup plans to sell EGG

                      As it is only the credit cards that have been purchased by Barclays, leaving all of the other stuff still with Egg, anyone care to speculate on what will happen to the big shed at Derby?

                      Comment


                      • #41
                        Re: Citigroup plans to sell EGG

                        Originally posted by jebedee View Post
                        As it is only the credit cards that have been purchased by Barclays, leaving all of the other stuff still with Egg, anyone care to speculate on what will happen to the big shed at Derby?
                        It's on the site of the old cattle market, which was demolished to make way for the industrial park in which Egg are sited, so there is a long history of have swine there (I originally came from Derby but thankfully escaped).
                        Last edited by debtisbad; 1st March 2011, 16:59:PM. Reason: Spelling error
                        Thanks!

                        Debtisbad

                        Comment


                        • #42
                          Re: Citigroup plans to sell EGG

                          Originally posted by debtisbad View Post
                          what happens to accounts that are in dispute? Do they pass over to the new owner?
                          I believe so, yes. I had an HFC Beneficial CC and BOS bought it (Marbles). So Marbles are now 'dealing' with my PPI claim and charges etc.

                          But, absolutely LMAO to read that Sharkleys are buying Eggs cards! Ha ha ha! Just when I thought Egg's dispute resolutions team couldn't possibly get any worse, in step the biggest sheisters of them all.

                          Comment


                          • #43
                            Re: Citigroup plans to sell EGG

                            http://www.bbc.co.uk/news/business-12612927

                            Comment


                            • #44
                              Re: Citigroup plans to sell EGG

                              http://www.independent.co.uk/news/bu...s-2229577.html

                              http://group.barclays.com/cs/Satelli...&ssbinary=true

                              Comment


                              • #45
                                Re: Citigroup plans to sell EGG

                                LOL I see they welcome us to their mainstream methods of contactless payments.
                                No doubt some of us will acquaint them with the rather less mainstream method of paymentless contacts...

                                Comment

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