The new financial services joint venture company created by British Gas and the Chicago-based HFC Bank is to be called Golden Eagle.
The plans for Golden Eagle were first revealed in Marketing Week (April 19). It will offer a range of financial services products including a credit card, personal loans, Peps and savings products to British Gas customers. British Gas is also considering alliances with other major utilities to provide integrated single billing for all utility customers.
But it is understood the new company may face problems with the Data Protection Registrar, which is getting tough on utilities which use their databases to market goods not specifically related to supply (MW June 7).
The launch will be backed by a 10m advertising campaign through Simons Palmer Clemmow Johnson.
For British Gas, Golden Eagle is intended to cement relationships with consumers prior to full gas deregulation in 1998. It is also believed to be planning a smart payment card, intended to speed up bill payments.