By Andy McCue, 22 October 2004 16:30
NEWS Online bank Egg has finally sold its French business for €140m after a year of trying to flog the loss-making subsidiary.
Egg said it has reached an agreement with Banque Accord to sell the unsecured lending assets of the French arm, consisting of 66,000 customers and net assets of €205m.
The transaction is expected to be completed during the last quarter of this year subject to regulatory approval.
Egg announced a drop in third-quarter profits earlier this week, partly due to the already announced £113m of costs for selling its French business and £35m of losses in France, which has dragged down the bank's performance.
The aborted sale of parent company Prudential's 79 per cent stake in Egg has also proved a distraction for the business, but Prudential has said it will now focus on adding new products to the UK business.
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