Blackstone and TPG line up to bid for troubled Egg bank

first_img KCS-content Wednesday 17 November 2010 8:42 pm BLACKSTONE and TPG are believed to be preparing a bid for US lender Citigroup’s online bank Egg.Citigroup bought the unit in May 2007 for £546m from British insurer Prudential. However binding offers are expected to fall well short of that level, at around £300m.Barclays bank is also believed to have an interest in Egg and could merge it with its Barclaycard and mortgage operations. But it remains unclear if it will lodge a binding bid.Blackstone has teamed up with specialist credit card provider SAV Credit, which is backed by private equity investors Palamon Capital, Morgan Stanley Alternative Investments and Electra Private Equity.If successful, Blackstone would merge Egg with SAV Credit, which owns the Marbles credit card brand, taking control of the enlarged group, one source said. Citigroup has already said that Egg is part of its portfolio of non-core assets that it is looking to reduce.The bank has never disclosed financial figures for Egg, although it was a troublesome asset for Prudential, which set it up in 1998 as one of Britain’s first internet banks. whatsapp More From Our Partners Supermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.com980-foot skyscraper sways in China, prompting panic and‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comWhy people are finding dryer sheets in their whatsappcenter_img Share Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryUndoTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastUndoPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayUndoMoneyPailShe Was The Dream Girl In The 90s, This Is Her NowMoneyPailUndoSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesUndoZen HeraldNASA’s Voyager 2 Has Entered Deep Space – And It Brought Scientists To Their KneesZen HeraldUndomoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comUndoAlphaCute30 Rules That All “Hells Angels” Have To FollowAlphaCuteUndoTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island FarmUndo Show Comments ▼ Blackstone and TPG line up to bid for troubled Egg bank Tags: NULLlast_img read more