01 Oct 2004

Update on closure of Egg France

On 13th July the Board of Egg plc (“Egg”) announced that it had begun to take the necessary steps to withdraw from the French market.

Today Egg announces that it has received an approach for part of the French business from Banque Accord and has granted exclusivity to conclude the agreement. This partial disposal would result in the re-deployment of approximately 100 of Egg France’s 450 workforce and would ensure continuity of service and product availability to the majority of Egg’s customers in France.

The approach received from Banque Accord is in respect of Egg’s unsecured lending business, which includes 66,000 credit card customers. Egg has begun consultation with the French Works Council regarding this potential disposal and is also seeking all regulatory clearances to proceed. Egg will update the market in due course on how discussions with the Works Council and the prospective buyer progress.

We remain confident that the closure costs of Egg France will be delivered within the previously announced provision of €170 million (£113 million) which has been raised in the Q3 2004 accounts.

Ends

Notes to Editors:

  1. Egg will be announcing its interim results for the period to 30 September 2004 on 19th October 2004 at 07.00h.
  2. Egg plc floated on 12 June 2000 and is listed on the London Stock Exchange. Prudential plc holds approximately 79% of the share capital.

For further information, please contact:

Media:
Emma Byrne 0207 526 2600 / 07775 657 241
Investors / Analysts:
Kieran Coleman 0207 526 2648 / 07711 717358

Jackson National Life Insurance Company

Prudential

You are about to enter the website of our US affiliate Jackson National Life Insurance Company, an indirect subsidiary of Prudential plc of the United Kingdom.

Proceed to the site

Prudential

If you are looking for an affiliate of Prudential Financial, Inc, whose principal place of business is in the United States of America.

Proceed to the site

Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

PPM America

Prudential

You are about to enter the website of our US affiliate PPM America, an indirect subsidiary of Prudential plc of the United Kingdom.

Proceed to the site

Prudential

If you are looking for an affiliate of Prudential Financial, Inc, whose principal place of business is in the United States of America.

Proceed to the site

Prudential plc is an international company incorporated in the United Kingdom, and its affiliated companies constitute one of the world’s leading financial services groups. It provides insurance and financial services directly and through its subsidiaries and affiliates throughout the world, and it has been in existence for over 170 years. Prudential plc is not affiliated in any manner with Prudential Financial, Inc, a company whose principal place of business is in the United States of America, or the Prudential Assurance Company, a subsidiary of M&G plc (a company incorporated in the United Kingdom).

  • Load
  • More

For M&G and Prudential UK customers and policyholders:

In October 2019, Prudential plc separated its UK operations and, as a result of this separation, Prudential UK is now owned by M&G plc. The M&G plc group is a separate, independent group and as such we are not able to help any M&G or Prudential UK customers or policyholders.

Therefore, to find the best way to make contact, please visit www.pru.co.uk/contact-us

For further information on the M&G plc group, please visit the M&G website: www.mandg.com