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Egg loses £443m in deposits

Prudential&#39s internet bank Egg has announced losses of £443m in deposits for the third quarter bringing its total losses to £900m in the last 12 months.

The loss is a result of the increasingly competitive online banking sector with a large number of players vying for a few online customers by offering attractive interest rates.

Egg says it will still move into profit at the end of 2001, despite operating losses of £115m now.

Its customer base has increased 120,000 to 1.2m.

Egg shares moved up slightly 4.5p to 130.5p, still well below its issue price of 160p when it floated in June.


Dresdner Private Banking – Strategic Investment Fund

Tuesday, 17th October 2000.Type: Fund of funds.Aim: Growth by investing in Dresdner RCM unit trusts and offshore funds.Minimum investment: £2,000.Place of registration: Guernsey.Investment split: 52.65 per cent UK, 45 per cent Luxemburg, 1.9 per cent sterling, 0.45 per cent North America.Charges: Initial 5 per cent.Options: None.Commission: Initial 3 per cent.Tel: 01481 727111.

IFAs need to rise to the challenge of wider benefits

The burgeoning employee benefits market could provide IFAs with important new business opportunities.With stakeholder legislation imminent, there is everything to play for.IFAs now have the ideal opportunity to open up wider employee benefits discussions with their corporate clients as the Government&#39s publicity campaign raises awareness of stakeholder among employers and employees alike.While the pension issues […]

Keys to the door

At a time of intense competition in the mortgage market, most lenders know they must offer good products backed with genuinely good service if they are to survive. While headline rates win business, lenders realise it is service which builds and retains loyalty among financial advisers.But getting the balance right is something many financial advisers […]


Do you believe the Financial Services Consumer panel&#39s research claiming 50 per cent of mortgage endowments have been missold? “No. The figure seems way overboard. To say 50 per cent of people did not understand the risks at the time they were sold policies seems very over the top.”Alan Marshall, Sole trader, Alan Marshall “No. […]


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