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Here you can read up on our latest news releases.
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Egg launches new FTSE ‘26%’ Guaranteed Equity Bond
23/06/2008
Egg, the Citi owned UK online bank, is launching a new three-year Guaranteed Equity Bond paying a 26% return (equivalent to 8.01% AER) in the event of ANY growth in FTSE 100 over the next three years*, with no risk of losing capital invested if the bond is held for the full investment term.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit if the performance of the UK’s top 100 listed companies is positive over the next three years. Even if the stock market has fallen from its start level at the end of the three years, investors are safe in the knowledge that they will still get all of their capital back at maturity. All that’s needed to benefit from the 26% return is that the stock market rises by any amount above the bond’s starting level*.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, from 23 June to 20 July 2008.
The Egg Guaranteed Equity Bond is available online at www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg, said: “Given current economic uncertainty and rising prices and inflation, a potential return of 26% over the full term plus the addition of capital protection will appeal to investors who are cautious but looking for a potentially higher return than most deposit accounts can offer.”
-ends-
For further information please contact:
Adrian Russell
Citi Uk Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Rachel Roe
Citi UK Consumer Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
Notes to editors:
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final two months of the bond as a closing level.
Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results; investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
Early termination Risk
This Guaranteed Equity Bond is designed to be held for the full term. If a customer closes the bond early, the amount they receive may be less than the amount initially deposited.
About Egg
Egg is the UK’s leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK Consumer
Find out more about Citi’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
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Egg offers new fixed introductory savings rate of 6.05% gross pa/AER for 12 months
08/05/2008
- Egg introduces a limited savings offer
- Open to new and existing Egg savers who open a new account with new money
Launching on 8 May 2008 Egg, the online bank, is offering a fixed 12-month introductory rate of 6.05% gross pa/AER on its Egg Savings Account (Internet). The introductory rate is available for new money for both new and existing customers.
For a minimum deposit of £1 savers will benefit from easy access to their funds with no penalty or notice period needed for withdrawals. After the 12-month fixed introductory rate offer, the savings rate will move to the standard variable rate for the account at that time (currently 4.75% gross pa/AER).
Tobias van der Meer, Head of Savings and Investment at Egg said:
"Our new fixed introductory rate is one of the highest of any easy access accounts available in the UK today and it gives customers a guaranteed rate for the next 12 months. Unlike some accounts which have eye catching rates but only benefit regular savers, Egg savers have the flexibility to pay in or withdraw however much they like, whenever they like without penalty (£2 million maximum)."
Customers can find out more information and apply for an Egg Savings Account (Internet) by visiting www.egg.com. Customers can open an account with as little as £1.
-ends-
Media contacts
Rachel Roe
Citi UK Consumer Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Adrian Russell
Citi Uk Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
Notes to editors:
- New Money means any money not held in any Egg Savings Account (Internet) or Egg Savings Account (Investor) opened prior to the introductory offer period
- Account interest is fixed for 12 months from the anniversary of the account opening.
- Deposits into the Account may be made by cheque, BACS, CHAPS, Direct Debit and Debit Card, but not during the twelve month introductory period by internal transfer from an existing Egg Savings Account (Internet) or an Egg Savings Account (Investor).
- The offer will be available for a limited period
- £2 million maximum balance
The interest rate for the Egg Savings Account is fixed for the first 12 months from account opening and then reverts to the standard variable savings account rate. The minimum deposit is £1, maximum deposit £2,000,000. Interest is paid annually. The gross rate is the contractual rate before deduction of tax at the rate specified by law. AER means the Annual Equivalent Rate and illustrates what the interest rate would be if interest was paid and compounded once each year. As every advertisement for a savings product which quotes an interest rate will contain an AER, you will be able to compare more easily what return you can expect from your savings over time.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at www.citibank.co.uk.
About Citi
Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
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Citi appoints country business manager for UK Consumer
11/03/2008
Citi executive with Egg experience to continue Citi's strategy to building UK bank
London: Bert Pijls has been appointed Country Business Manager for Citi UK Consumer, the bank behind the Citi and Egg consumer brands, with immediate effect. Pijls replaces Ian Kerr, who has resigned and will leave Citi after working with Pijls to ensure a smooth transition.
Pijls, who has worked at Egg in the past, will move to London on Monday 17 March 2008 from the Czech Republic where, as Citi’s Country Business Manager, he turned the consumer franchise around with high double-digit year-on-year growth in revenues as he built the cards, investments and loans portfolios.
EMEA Consumer CEO, George Awad said Pijls would continue the strategy to develop Citi’s UK Consumer operations: “We are very focused on allocating capital to the best opportunities we see for growth for our business, and the UK is a key market for Citi.”
“We are committed to making UK Consumer a top UK bank and we are achieving this by building on the best of Egg’s and Citi’s talent, business models and cultures to ensure a differentiated financial services proposition for consumers and a great workplace for our colleagues,” Awad said.
Pijls began his career with Citi in 1990, as a Management Associate in Finance. He worked as a branch manager and an Area Sales and Distribution Manager in Germany, before moving to New York as a marketing director for Citi’s Global Consumer Group. He then spent three years at Egg between 2001 and 2003, where most notably he was responsible for Banking Products. Bert rejoined Citi in 2005, from American Express UK, where he was responsible for re-starting the Amex lending business across 22 international markets.
Pijls said creating a growth business for Citi was an exciting prospect: “A developing business is an exciting place to work, and the Citi and Egg brands will be great places to bank. We are building a business that will have the products and services to ensure we are first choice for consumers as they look to meet their financial needs.”
Awad said that whilst he was disappointed to lose Ian Kerr, he fully respected his decision: "Ian has played a critical role in helping us to integrate the Egg business into Citi and he has also developed our strategy for a single unified business in the UK. Ian has established a very mature and experienced team to execute this strategy, helping us to build a new force in retail banking in the UK. I thank Ian and wish him well in his future endeavours."
-ends-
Media Contacts:
Adrian Russell
Citi UK Consumer
Tel: 00 44 20 7508 7355
adrian.russell@citi.com
Rachel Roe
Citi UK Consumer
Tel: 00 44 20 7508 3392
rachel.roe@citi.com
Jonathan Woodier
Citi EMEA Consumer
Tel: 00 44 20 7500 4434
jonathan.woodier@citi.com
Notes to editors
About Citi UK Consumer
Find out more about Citi’s wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
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Egg Cash ISA pays an interest rate of 6.05% gross p.a./AER variable
10 March 2008
With only 26 days left until the end of the tax year Egg’s Cash ISA paying 6.05% gross p.a./AER variable offers great value for customers who want to take out a cash ISA in 2007/2008 or are thinking of subscribing to a cash ISA in 2008/2009.
Customers apply for the ISA via the internet and can open an account with as little as £1. Savers can use a variety of deposit methods, including debit cards and direct debit to save up to a maximum of £3,000 for the 2007/2008 tax year, rising to £3,600 for the 2008/2009 tax year.
In contrast to some other high-interest Cash ISAs, Egg’s does not come with restrictions such as only being available to existing customers. The Egg Cash ISA allows customers to make minimum withdrawals of £1 with no notice period.
Tobias van der Meer, Head of Consumer Banking and Investments at Egg said:
“Our Cash ISA offers a very competitive rate of interest with no catches. There are a number of attractive headline rates in the market, but savers need to be aware of the conditions associated with many of these products. Some rely on short-term bonuses to boost their headline rate and others act as a carrot to entice people to invest in other products.
“With our Cash ISA, we wanted to not only provide an attractive headline rate, but also be transparent in our offering and make it easy for people to open – the online application process takes just minutes. Hopefully, this will encourage more people to take out a Cash ISA early in the new tax year and take full advantage of a highly competitive and tax-free interest rate.”
Egg Cash ISA benefits and features
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Subscribe anything from £1 to £3,600 each tax year (from 6 April 2008)
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Make a one-off deposit regular payments or just add to it when you want to (existing ISAs cannot be transferred in)
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Set up online in minutes
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Keep track of it online anytime 24/7
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Get a rate that’s guaranteed to at least match the Bank of England base Rate until 5 April 2009
For further information on Egg’s Cash ISA, visit
www.egg.com.
-ends-
For further information please contact:
Rachel Roe
Press Officer
Tel: 00 44 (0)20 7508 3392
rachel.roe@egg.com
Egg
Adrian Russell
Press Office
Tel: 00 44 (0)20 7508 7355
adrian.russell@citi.com
Citi
Notes to editors
About Egg
Egg is the UK’s leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
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Egg launches new FTSE Guaranteed Equity Bond
10 March 2008
Egg, the Citi owned UK online bank, is launching a new five-year Guaranteed Equity Bond paying a 45% return if the FTSE 100 rises over the next five years, with no risk of losing capital if the bond is held for the full investment term*.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit from the performance of the UK’s top 100 listed companies safe in the knowledge that, even if the stock market has fallen from its start level at the end of the 5 years, investors will still get all of their capital back at maturity. And in order to benefit from the 45% growth all that is required is that the stock market rises above the bond’s starting level.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, 4 March to 7 April 2008.
The Egg Guaranteed Equity Bond is available online at www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg Banking said:
“To have the assurance of 45% growth, should the stock market rise; we believe is an attractive proposition. In the current volatile equity market environment the addition of capital protection makes this product particularly is suitable for cautious investors.”
-ends-
For further information please contact:
Adrian Russell
Press Office
Tel: 00 44 (0)20 7508 7355
adrian.russell@citi.com
Citi
Rachel Roe
Press Officer
Tel: 00 44 (0)20 7508 3392
rachel.roe@egg.com
Egg
Notes to editors
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final two months of the bond as a closing level.
**Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results, investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
About Egg
Egg is the UK’s leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
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Egg decreases mortgage SVR by 0.25%
13/02/2008
Egg has decreased its Standard Variable Rate (SVR) from 1 March 2008 following the decision by the Bank of England's Monetary Policy Committee to cut the Base Rate.
The Egg SVR has decreased by 0.25% from 6.79% to 6.54%, making it up to 0.90% lower than the SVRs of some major high street lenders, assuming that they also decrease their SVRs in line with the Base Rate. Egg's SVR is one of the top 5 mortgage rates in the UK from a major lender*.
Egg has always offered a variety of competitive mortgage products including a recently launched three year fixed rate mortgage at a leading rate of 5.39%. At the end of the fixed term, borrowers will switch to Egg's standard variable rate, currently 6.54%, for the remainder of the mortgage. The overall cost for comparison is 6.5% APR.
The fixed rate mortgage also offers free standard valuation, no legal costs for re-mortgagers** and the ability to offset savings against the fixed rate. There are also no early repayment charges once the fixed rate period ends. The main features of the three year fixed rate mortgage include:
- Rate of 5.39% fixed for three years
- thereafter changing to Egg's standard variable rate, currently 6.54%, for the remaining term of the mortgage
- The overall cost for comparison is 6.5% APR
- Early repayment charges -
3% of the amount repaid during the first 12 months following completion.
2% of the amount repaid during the second 12 months following completion.
1% of the amount repaid during the third 12 months following completion.
Overpayments of up to 10% of the mortgage balance are allowed without an early repayment charge being due during the fixed rate period (payment of the arrangement fee upon completion is not included in this limit)
All loans redeeming will incur an administration charge of £70
- Arrangement fee of £499 that will be added to the mortgage and will incur interest, but can be paid immediately after completion.
For further information on Egg's range of mortgages, visit www.egg.com/mortgages or call 08456 000 290 (calls may be recorded and monitored).
Your home may be repossessed if you do not keep up repayments on your mortgage
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Media Contacts:
Rachel Roe
PR Manager
Egg
Tel: 07769 690287
rachel.roe@egg.com
Adrian Russell
Head of Communications
Citi UK Consumer
Tel: 020 7508 7355
adrian.russell@citigroup.com
Notes to editors
* Egg's SVR, which will be going down to 6.54% on 1 March for existing customers, remains one of the top 12 mortgage rates in the UK of 114 lenders (source Moneyfacts 8th February 2008) and in the Top 5 rates offered by a major lender.
**Fees associated with standard valuations will be paid on the customer's behalf. Re-mortgage applications qualify for a free legal service if standard conveyancing work is carried out by Egg's Panel Solicitors and instructed by Egg. Any non-standard legal work will incur a charge to be agreed directly with the allocated firm of solicitors.
About Egg
Egg is one of the UK's leading online banks providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, a leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at www.citibank.co.uk or www.egg.com.
About Citi
Citi, one of the leading global financial services companies, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Smith Barney and Banamex. Additional information may be found at www.citigroup.com or www.citi.com.
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Egg confirms credit card decision was risk review
08/02/2008
A spokesperson for Egg comments:
"We are sorry that some of the 161,000 Egg credit card customers who we wrote to last month were upset by our decision to stop them spending on their cards from next month. We confirm the letters were the result of a one-off, post-acquisition review of our 2.2 million Egg credit card customers. It was not, as has been suggested, an excuse to exclude some 'unprofitable' customers.
"In this one-off review we assessed that the credit profiles of these customers had deteriorated from the time they joined Egg until the time Citi acquired Egg in May 2007 and that they presented a higher than acceptable credit risk to the bank.
"Risk assessment models are widely used in the industry. They use a number of criteria to predict borrowing behaviour, including behavioural data and information from external bureaux, to predict the level of risk inherent in groups of customers. We accept that not all of the individuals in the review may be high risk or will default, but the probability is higher than we wished to accept against our internal benchmarks.
"We are confident that this risk assessment was effective and that the selection criteria were properly applied. We stand by our decision but will of course review any complaints arising."
A spokesperson for Egg adds:
"As previously advised, customers will not be able to use their Egg credit card once the notice period has ended, but can continue to pay at least the minimum monthly repayment, continue with their current monthly payment arrangement or have the option to pay their balance in full. Egg is not asking for immediate repayment of balances or making any changes to their current terms and conditions or interest rates.
"Egg has over 2 million credit card customers and given only a small number (7% or 161,000) of them 35 days notice that it is ending their card agreements. Hence 2 million, or 93% of its credit card customers, are not affected by this review."
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Move over ladies it's the lads that are lunching
30/11/2007
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A fifth of UK men are now 'Lads that lunch'
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The number of Britain's kept men has doubled in the last five years
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Over half of women happy to indulge their menfolk
A life of leisure is proving irresistible to Britain's thousands of kept men who are enjoying the spoils of women's toil.
According to new research from Egg, the Citi owned online bank, the number of men in the UK earning less than their partners has doubled in the last five years (from one in ten to one in five).
And whilst this growing group has convinced themselves that a relaxing life is preferential to the rat race, with one in seven (15%) not prepared to give up their life of luxury, this number is slightly lower than five years ago when one in five men (21%) wouldn't opt for a change in lifestyle.
Many women are completely willing to indulge their menfolk and keep them in the manner to which they have become accustomed. Over half (53%) are happy to be the main earner with one in five enjoying the fact that their financial status gives them more say on what they spend money on.
The life of a kept man is indeed a tempting one for those wanting to escape the office drudge. Two-fifths (43%) of laid-back lads fill their days shopping for clothes at least once a week, a third (29%) meet friends for lunch, followed by a trip to the gym for one in ten (10%) to burn off the calories.
Inevitably though, some ladies subsidising this languorous lads' lifestyle are unhappy with the situation, and the findings reveal a backlash. One fifth (21%) of women would rather their male partners be the higher earner and one in seven (14%) hanker after a life of leisure for themselves. A further quarter (25%) find their financial role highly stressful with a similar number (27%) resenting being the main breadwinner.
And how would our leisurely lads feel if they had to be the chief earner? Well today's research revealed that not one would resent it, a change from five years ago when nearly one in ten said (7%) they would resent having to work for a living.
Alison Wright, Chief Marketing Officer at Egg said:
"It is encouraging seeing how many women are now financially savvy and taking control of the household's finances. There really has been a change over the last five years with some of the old stereotypes of who earns the money and who pays the bills being broken down. Whereas men have now fully appreciated that their female counterparts are capable of being the main breadwinners and as a result they seem to be embracing a life of leisure - much to the annoyance of most partners."
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For further information please contact:
Rachel Roe
Egg Media Relations
rachel.roe@egg.com
020 75083392 or 07769 690287
Adrian Russell
Citi
adrian.russell@citi.com
020 7508 7355
Notes to editors:
Research was undertaken by:
ICM omnibus who questioned a sample of 1,000 adults aged 16+ living in Great Britain (August 28 - Sept 2 2007)
Original research was undertaken by BMRB International who questioned 1,000 adults aged 16+ living in Great Britain (March 8 - 10 2002)
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
BACK TO ARTICLES LIST
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Egg launches new FTSE Guaranteed Equity Bond
08/11/2007
Egg, the Citi owned UK online bank, is launching a new three-year Guaranteed Equity Bond paying 23% return if the FTSE 100 rises over the next three years (equivalent to 7.14% AER paid after 3 years), with no risk of losing capital if the bond is held for the full investment term*.
The Egg Guaranteed Equity Bond offers savers the opportunity to benefit from the performance of the UK's top 100 listed companies safe in the knowledge that, even if the stock market has fallen from its start level at the end of the 3 years, investors will still get all of their capital back at maturity.
Investments can be from £1,000 to £1,000,000 and the capital is protected as long as the bond is held until the maturity date. The offer is available for a limited period only, closing on 7 December 2007.
The Egg Guaranteed Equity Bond is available online at
www.egg.com to all customers with, or opening, an Egg Savings Account.
Jonathan Gains, Head of Investments, Egg Banking said: “In today’s financial climate some savers are seeking investments which mitigate the risk of investing directly in stocks and shares. With this in mind we have launched the Egg Guaranteed Equity Bond to offer customers a great opportunity to get potentially higher returns than they might get from a savings account, without risking their capital at the end of three years.”
He added: “We’re looking to provide customers with more opportunities and choice to make the most of their money, leveraging the combined capabilities of Egg and Citi. Watch this space for a wider range of investment and savings products in the future.”
- ends -
For further information please contact:
Adrian Russell
Press Officer
Egg
00 44 (0)20 7508 7355
adrian.russell@citi.com
Rachel Roe
Press Officer
Egg
00 44 (0)20 7508 3392
rachel.roe@egg.com
Notes to editors:
*The returns on the bond will be calculated using the performance of the FTSE 100 index. The calculation will be based upon the average of the daily closing level of the FTSE 100 during the first month of the bond as a starting level and the average of the daily closing level of the FTSE 100 during the final three months of the bond as a closing level.
**Risk warning
Investment products are not insured by any governmental agencies and are not bank deposits and are neither obligations of, nor guaranteed by Citigroup, or any of its affiliates. They are subject to investment risk, including possible loss of principle amount invested. Past performance is not indicative of future results, investments can go down as well as up if money is withdrawn before the maturity date.
Event Risk
Egg reserves the right to make adjustments to the terms of the Egg Guaranteed Equity Bond due to events such as mergers and disposals, price source disruption, trading suspension, material change in formula and in content, and change in taxation laws.
About Egg
Egg is the UK’s leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels.
About Citi UK
Find out more about Citi’s wide range of cheque, savings, foreign currency accounts, personal loans, insurance, investment services; credit and charge card services at
www.citibank.co.uk.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
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The million pound cost of keeping up with the ‘Yummy mummies’
26/10/2007
Britain's new mums are collectively spending a staggering £670 million¹ a year to keep up with the perfect image of a 'Yummy mummy'.
The latest research by online bank, Egg, highlights that the cost of having a baby is being increased by the pressure on new mums to look good and have the latest 'must have' baby items - from Botox to Bugaboos.
Research conducted by Egg on Mumsnet.com² reveals that new mums are spending, on average, £939 each on things for their little one's arrival. And a third (32%) feels under pressure to buy certain brands.
A quarter (23%) felt pressurised into buying a designer buggy; some popular brands cost nearly £500 for just the basic model³. This was closely followed by technology or gadgets (19%); designer highchairs (12%); designer baby clothes (8%) and bespoke furniture (7%).
In addition, new mums are also under pressure to look good and this too comes at a price, with the average spend being £123. Most mums questioned (87%) admitted buying new clothes and having their hair done shortly after the birth. Others visited the beautician (15%) whilst a small number employed a personal trainer (2.8%); had Botox (0.3%) and some cosmetic surgery (0.2%).
So the total combined average cost of being a ‘Yummy mummy’ stands at £1,062. It is highest in the North East at £1,216 in total and cheapest in the East of England, at £969. But when it comes to looking good after the birth it is Londoners that spend the most, £186, and the West Midlands the least, £69.
But where does this pressure come from? Whereas most of it is peer pressure, one in five mums admits to being occasionally influenced by celebrity parents in the media. And the most influential celebs for the mums were Gwyneth Paltrow and Angelina Jolie. Whilst at the other end of the scale were Mel B or Scary Spice and Kerry Katona.
Alison Wright, Chief Marketing Officer at Egg, comments:
“Certain life stages, such as having a baby, mean that we occasionally need a cash injection. Financially a new baby can cause havoc because of the combined burden of extra costs and reduced income. This is where a little bit of financial planning can go a long way ensuring new mums can enjoy being new mums without having to worry about money matters.”
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Notes to editors:
¹ £6.7 billion is made up from taking the average cost, £1,062, and multiplying it by the number of new mums in the UK each year, which is 630,874. (This statistic was based on the Royal College of Midwives statistic for births at 635,679 minus multiple birth children ONS statistic)
² Mumsnet.com ( www.mumsnet.com ) a social networking site for parents
³ A basic Bugaboo costs £489.00 according to Mothercare
1,015 mums were questioned on Mumsnet between 28 August 2007 and 19 September 2007
Regional variances
| Region | Amount spent on baby | Amount spent on mummy after birth | Total cost of being a 'Yummy mummy' | | E. Midlands | £874 | £125 | £999 | | East of England | £888 | £81 | £969 | | London | £1,005 | £186 | £1,191 | | North East | £1,052 | £164 | £1,216 | | North West | £878 | £104 | £982 | | N. Ireland | £975 | £147 | £1,122 | | Scotland | £967 | £91 | £1,058 | | South East | £1,001 | £137 | £1,138 | | South West | £894 | £148 | £1,042 | | Wales | £881 | £118 | £999 | | W. Midlands | £925 | £69 | £994 | | Yorkshire and Humberside | £923 | £109 | £1,032 | | National average | £939 | £123 | £1,062 |
For further information please contact:
Rachel Roe 00 44 (0)20 7508 3392
Press Officer rachel.roe@egg.com
Egg
Notes to editors:
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or
www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
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Egg launches 2 and 3 year fixed-rate mortgages to help beat rate pressures
20/09/2007
Egg, the online bank and award winning mortgage lender(1), has launched a 2 and a 3 year fixed-rate mortgage with a highly competitive rate of 5.89%.
At the end of the fixed term, borrowers will switch to Egg's standard variable rate, currently 6.94%, for the remainder of the term.
Two year fixed: The overall cost for comparison is 7.1% APR.
Three year fixed: The overall cost for comparison is 7.0% APR.
The new mortgages, which are open to all new and existing customers, are available from 24 September 2007 and come with a free initial valuation. The mortgages have an arrangement fee of £899 for the two year fixed rate and £749 for the three year fixed rate and are available for loans up to a maximum of 95% of the property value.
Stephen Bright, Head of Lending and Insurance at Egg, said:
“A fixed rate mortgage offers customers certainty allowing them to protect themselves from turmoil in the financial markets. It's why we've launched a competitive, great value product with fixed repayment costs and protection from any further changes in interest rates over the next two or three years. These new fixed rate products complement our existing range of popular variable rate, flexible and offset mortgages.”
The main features of the two year fixed rate mortgage include:
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Rate of 5.89% fixed for two years
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thereafter changing to Egg's standard variable rate, currently 6.94%, for the remaining term of the mortgage
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The overall cost for comparison is 7.1% APR
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Early repayment charges - 2% of the amount repaid during the first 12 months following completion. 1% of the amount repaid during the second 12 months following completion. Thereafter, no charge
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Arrangement fee of £899 which will be added to your mortgage
The main features of the three year fixed rate mortgage include:
-
Rate of 5.89% fixed for three years
-
thereafter changing to Egg’s standard variable rate, currently 6.94%, for the remaining term of the mortgage
-
The overall cost for comparison is 7.0% APR
-
Early repayment charges - 3% of the amount repaid during the first 12 months following completion. 2% of the amount repaid during the second 12 months following completion. 1% of the amount repaid during the third 12 months following completion. Thereafter, no charge
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Arrangement fee of £749 which will be added to your mortgage
Both products have:
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Flexibility: the ability to overpay by up to 10% per year during the fixed rate period without charges and take payment holidays
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Saving on costs: Egg will pay customers' initial valuation fee.
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Security: protect against potential interest rate rises with fixed payments
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No higher lending charge
For further information on Egg's range of mortgages, visit
www.egg.com/mortgages or call 08456 000 290 (calls may be recorded and monitored).
Your home may be repossessed if you do not keep up repayments on your mortgage
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Notes to editors
(1) Over the last 6 years Egg has won awards for Best Direct Lender, Lender of The Year & Cheapest Overall Lender from organisations including What Mortgage and Moneyfacts.
About Egg
Egg is the UK's leading online bank providing banking, insurance, investments and mortgages through its internet site and other distribution channels. Egg is backed by Citi, the leading global financial services company.
Egg Banking plc is authorised and regulated by the Financial Services Authority. Egg Banking plc (registered number 2999842) is registered in England and Wales. Registered Office: Citigroup Centre, Canada Square, London E14 5LB.
About Citi UK Consumer
Find out more about Citi's wide range of cheque, savings, foreign currency accounts, personal loans, mortgages, insurance, investment services; credit and charge cards at
www.citibank.co.uk or www.egg.com.
About Citi
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Major brand names under the trademark red arc include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
Media Contacts:
Rachel Roe
PR Manager
Egg
Tel: 07769 690287
rachel.roe@egg.com
Adrian Russell
Head of Communications
Citi UK Consumer
Tel: 020 7508 7355
adrian.russell@citigroup.com
Gug Kyriacou
Account Director
Polhill Communications
Tel: 00 44 20 7655 0530
g_kyriacou@polhill.com
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Citi completes purchase of Egg
01/05/2007
Citi appoints Ian Kerr as Business Manager to run Citi UK Consumer and Egg
LONDON - Citi has completed the purchase of Egg Banking plc (Egg), the world's largest pure online bank and one of the UK's leading online financial services providers, from Prudential PLC. In addition, Citi has appointed Egg CEO Ian Kerr to run Egg and Citi UK Consumer.
The acquisition price is £546 million, or approximately $1.092 billion*, in cash, subject to any closing adjustments to the final accounts. Completion follows receipt of regulatory approvals and, as announced on 29 January 2007, is expected to be accretive in its first year.
Between them, Egg and Citi UK Consumer have over four million customers, a significant share of the UK credit card market, and Egg's outstanding online platform, customer service and brand. Citi Consumer UK has a network of five retail banking and 49 consumer finance branches, and offers current accounts, wealth management, offshore banking and mortgages, which complement Egg's online payment and account aggregation services, credit cards, personal loans, savings accounts, and insurance products. A strategy is being formulated to create synergies between both businesses and maximize the potential for the key stakeholders - customers, colleagues, and shareholders.
Ian Kerr brings extensive experience and an established track record in UK financial services to Citi. Before joining Egg as CEO in November 2006, he was Retail Banking Chief Executive at Halifax Bank of Scotland, which at that time had $400 billion in assets, $4 billion in profit and 7,500 employees. Previous appointments include Group Services Director with HBOS, Chief Executive of Birmingham Midshires Building Society, and management positions with Lloyds Bowmaker Finance Group.
George Awad, CEO, Citi Global Consumer Group, Europe, Middle East and Africa, said: "The combined business will have great brands, great people, great technology and great customer service. This acquisition provides us with meaningful scale in consumer financial services in the UK, a key strategic market, and enables us to enhance the value proposition for customers and grow our business. Citi is also learning from Egg’s successful direct banking platform and customer service programs."
Ian Kerr, Country Business Manager, Citi UK Consumer and Egg, said: "There are exciting times ahead as Citi and Egg’s joining forces creates great opportunities for our people and is great news for our customers. The combination of Egg and Citi will be a powerful proposition as we use our shared knowledge and expertise to provide a broader range of products and distribution from online through to branches."
The Egg acquisition is consistent with Citi's strategic growth plans for the UK, and builds on Citi's position as a significant player in UK financial services. In February 2007, Citi Global Wealth Management closed the acquisition of Quilter, one of the UK’s most respected wealth advisory firms.
[*Exchange rate calculated at £1.00 = US $2.00]
About Citigroup:
Citi, the leading global financial services company, has some 200 million customer accounts and does business in more than 100 countries, providing consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, and wealth management. Citi's major brand names include: Citibank, CitiFinancial, Primerica, Citi Smith Barney and Banamex. Additional information may be found at
www.citigroup.com or
www.citi.com.
Certain statements in this document are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act. These statements are based on management's current expectations and are subject to uncertainty and changes in circumstances. Actual results may differ materially from those included in these statements due to a variety of factors. More information about these factors is contained in Citigroup's filings with the Securities and Exchange Commission.
Citigroup Media Contacts:
London
Hilary Condit
+44 (0)20 7500 1303
Adrian Russell
+44 (0)20 7508 7355 or +44 (0)7834 081 521
New York
Steve Silverman
+1 212 793 0321
Investors:
Arthur Tildesley
+1 212-559-2718
Fixed Income:
John Randel
+1 212-559-5091
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