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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.

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