Egg nears French acquisition

NEWS UK online bank Egg is reported to have reached an agreement to buy Zebank, the online banking venture set up by Bernard Arnault. While this marks a significant move away from internet investments for the French Tycoon, the deal provides a much needed expansion for Egg. Egg has been looking to expand into Europe for more than a year, according to the Financial Times, and analysts have been expecting to see signs of expansion since the online bank announced breaking even in November. Zebank has built up a customer base of 100,000 clients since it launched in February last year. The acquisition is expected to include a retail distribution deal with Arnault's luxury goods LMVH. Egg has nearly two million customers, primarily for its credit card.