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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.


Co-op Bank to launch internet bank subsidiary

The Co-operative Bank will announce it is launching an internet banking subsidiary today according to the Financial Times.The bank says it plans to undercut its traditional rivals and gain an early advantage in the internet banking arena.The Co-op will unveil its range of new low cost products in the next few weeks, it says these […]

August investment fund sales up over year but down on July

Gross investment fund sales for August 1999 were up 25 per cent over the same period last year according to the latest figures from the Association of Unit Trusts and Investment Funds.It latest figures reveal gross sales of £2.9bn compared to £2.3bn the previous year. But these were down 20 per cent compared to the […]

Leek staff spurn Murray&#39s advances

Staff at Leek United Building Society have spurned the latest advance from Murray Financial guaranteeing them their jobs and offering shares and bonuses in return for their support of the proposed takeover.Staff at the society were sent an open letter from Murray Financial late last week outlining a series of incentives aimed at gaining their […]

Byers promises crackdown on mortgage rip offs

Trade and industry secretary Stephen Byers continued his campaign against &#34rip off&#34 Britain by promising a crackdown on mortgage misselling according to the Financial Times.Byers told the Labour Party conference, consumers were being misled by mortgage contracts which failed to spell out penalties.He further outlined how he intends to give the Consumers Association the power […]


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