Online bank Egg has finally sold its French business for ?140m ($179 million) 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 ($262 million).
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 ($208 million) of costs for selling its French business and £35m ($64.4 million) 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.
