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Loan Reclaim: Citigroup set to sell Egg

Citigroup is set to sell its online bank Egg in an effort to reduce costs, it has been revealed.

The American banking group is hoping to attract interest from a number of potential bidders before selling it at the end of the year.

Citi is currently trying to scale down its operations as it owes the US government a significant sum after receiving a bail-out package during the recession.

A spokesman for Egg did not comment directly on the speculation, although he did confirm Citi's intention to sell its non-core assets.

He said: "Citi's strategy is to reduce the assets and businesses within Citi Holdings, its portfolio of non-core operating businesses and assets, in an economically rational manner while working to generate long-term profitability and growth."

UK insurer Prudential originally created Egg before selling it to Citi in 2007 for £575 million.

The internet bank has around two million UK customers and could be targeted by foreign investors such as Santander, as well as Tesco and Metro Bank.

Posted by Amir Hussain

Amir specialises in personal loans, consumer debt and debt management ADNFCR-2776-ID-800014840-ADNFCR

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