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Pru appoints advisers for Egg flotation

Prudential has appointed Goldman Sachs to advise it on the flotation of its internet banking arm Egg reports the Financial Times.


But the Pru denies any decision has been made regarding the timing of the float.


The FT says it is unlikely the flotation will take place until well into next year, following the recent slumps in the value of internet stocks.


Egg is expected to be valued at between £800m and £3.6bn although the report says the higher figure now looks very optimistic.


Egg main selling point is its loss leading savings accounts and its competitive mortgages and credit card. Despite the popularity of these products the company is not forecast to make a profit before 2001.

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