Citi to Sell Egg Mortgage and Savings Business to Yorkshire BS
Citi (citigroup.com) has announced that its subsidiary Egg Banking plc has entered into an agreement to sell its Egg and Pi-branded Mortgage and Savings Business, along with the Egg and Pi Brands, to Yorkshire Building Society. Egg’s £2.5billion savings book and £430 million mortgage book represent approximately 550,000 customers.
On completion of the transaction, Egg savers and borrowers will become members of Yorkshire Building Society, the UK’s second largest building society.
Citi is committed to working with Yorkshire Building Society on a seamless transfer of the customer accounts and continuation of the high level of service to which customers are accustomed.
The transaction is expected to close in Q4 2011, subject to High Court approval in the United Kingdom and other customary conditions.
