Citigroup plots high street Egg branches

Egg, the worlds biggest standalone online bank, is planning to launch high street branches following Citigroups 575m acquisition of the brand from Prudential.

Egg, the world’s biggest standalone online bank, is planning to launch high street branches following Citigroup’s £575m acquisition of the brand from Prudential.

Citi UK consumer group chief executive Surinder Singh says it will increase its high street network and is looking at opening Egg-branded branches. It will also add current account and wealth management products to Egg’s portfolio. The combined entity quadruples Citi’s existing UK consumer base.

Citi has just six retail bank branches and 100 consumer finance branches in Britain. However, speaking to Marketing Week, Singh reveals the network will increase, particularly in London and the South-east.

He says Egg enjoys an enviable customer service record, which he wants to expand into the high street. “We will add a physical footprint to that customer service,” he says. “Egg customers will have three major [points of]

distribution: branch, online and phone,” adds Singh. “Citi branches or Egg-branded branches, we’re now looking at that.”

Management is identifying how it can integrate the Citi name into Egg, he says.

Egg was founded in 1998 and it has more than three million customers. Its products and services currently include credit cards, personal loans, savings accounts, mortgages and insurance. Citi’s British consumer business services around 1 million customers, primarily in the wealth management market and offers current, savings and foreign currency accounts, credit cards, investments, offshore banking, personal loans and mortgages.

Latest from Marketing Week

NOT REGISTERED? IT'S FREE, QUICK AND EASY!

Access Marketing Week’s wealth of insight, analysis and opinion that will help you do your job better.

Register and receive the best content from the only UK title 100% dedicated to serving marketers' needs.

We’ll ask you just a few questions about what you do and where you work. The more we know about our visitors, the better and more relevant content we can provide for them. And, yes, knowing our audience better helps us find commercial partners too. Don't worry, we won't share your information with other parties, unless you give us permission to do so.

Register now

THE BEST CONTENT

Our award winning editorial team (PPA Digital Brand of the Year) ask the big questions about the biggest issues on everything from strategy through to execution to help you navigate the fast moving modern marketing landscape.

THE BIGGEST ISSUES

From the opportunities and challenges of emerging technology to the need for greater effectiveness, from the challenge of measurement to building a marketing team fit for the future, we are your guide.

PERSONAL AND PROFESSIONAL DEVELOPMENT

Information, inspiration and advice from the marketing world and beyond that will help you develop as a marketer and as a leader.

Having problems?

Contact us on +44 (0)20 7292 3711 or email subscriptions@marketingweek.com

If you are looking for our Jobs site, please click here