Citigroup plans to sell EGG

[Angry Cat]

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?

[The Debt Star]

Re: Citigroup plans to sell EGG

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

[Angry Cat]

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

[The Debt Star]

Re: Citigroup plans to sell EGG

would you buy shares in them? I wouldn't

[Angry Cat]

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!

[The Debt Star]

Re: Citigroup plans to sell EGG

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

[Angry Cat]

Re: Citigroup plans to sell EGG

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

[Angry Cat]

Re: Citigroup plans to sell EGG

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

[The Debt Star]

Re: Citigroup plans to sell EGG

sheisters attract sheisters

[debtisbad]

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.

[Angry Cat]

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.

[Angry Cat]

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.

Whoever, the final purchaser is, they will keep the good accounts and sell the bad...

[Caspar]

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.

[debtisbad]

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.

[Angry Cat]

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.