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Egg to give shares to staff

Prudential&#39s online bank Egg plans to give out £100m of its shares to its staff when it floats next month.

Key staff could receive up to £1m each serving as “golden handcuffs” to keep them on board.

Egg chief executive Mike Harris says that one of the main reasons for the flotation is to offer staff a stake in the company in order to prevent them from leaving.

Standard Life Bank was powerless to prevent the Halifax from poaching a number of key staff earlier this year when it was setting up its own online subsidiary, Intelligent Finance, despite offering incentives to stay.


RBS sells NatWest assets

The Royal Bank of Scotland has sold the interests in a number of unlisted companies it acquired when it purchased National Westminster Bank. They were sold to a consortium of private investors led by the private equity firm Coller Capital for £670m. Included in the deal, Coller will also take on a further £148m of […]

Paragon launches equity release mortgages

Paragon Mortgages announces it will begin offering equity release mortgages, which allow elderly home owners to raise cash without selling their homes.The specialist lender has decided to enter the market because of the gap left when Barclays and the Bank of Scotland withdrew from it. Paragon chief executive Nigel Terrington says he believes his company […]

Support for Standard Life conversion plummets

Standard Life says a new poll shows support for demutualisation has fallen from 32 per cent to only 18 per cent. The poll is the latest move by the life office to combat the campaign by carpetbaggers to force it to convert. The MORI poll was conducted nationwide with a random sample of 500 voting […]

Mortgage packager announces 45 per cent growth

Mortgage Next announces it has facilitated almost £1.2bn in lending in the financial year ending in March.The four-year-old packager says these figures represent almost a 45 per cent increase on the previous year&#39s results.The company processed 19,000 mortgage applications last year, divided roughly half between the main and sub-prime sectors. The average loan size was […]

Converting pension savings to a retirement income…

Since last year’s reforms to pension legislation, a significant number of retirees have chosen income drawdown over purchasing an annuity. Income drawdown is more flexible than an annuity. However, it also increases the likelihood that individuals won’t be able to maintain their income throughout their lifetime. In this short video, we explain the risks that […]


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