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Citigroup set to enter sales negotiations for Egg

American banking group preparing to sell its online bank

04 August 2010

Citigroup is set to enter sales negotiations with potential bidders for its online bank Egg.

The American banking group is looking to hold an auction for its online unit over the coming months with a view to selling it before the end of the year.

Citi is currently attempting to reduce its non-core-assets as it is under pressure from the US government to pay back the large bail-out package it received in the mist of the financial crises.

A spokesman for Egg did not refer directly to the possible sale of the company, although he did confirm Citi's intention to sell its marginal businesses.

He said: "Citi's strategy is to reduce the assets and businesses within Citi Holdings, its portfolio of non-core operating businesses and assets, in an economically rational manner while working to generate long-term profitability and growth."

Egg was bought by Citi in 2007 for £575 million. The internet bank has around two million customers in the UK and could be targeted by foreign investors looking to expand into the British market.

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