News that has been expected arrived today, with the sale of Egg.

Citigroup (NYSE: C – News) today announced it has reached an agreement to acquire 100% ownership 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 for GBP 575 million, or approximately $1.127 billion*, in cash, subject to adjustments at closing. The transaction is expected to be accretive in its first year.

The purchase includes over three million Egg customers, and products and services including online payment and account aggregation services, credit cards, personal loans, savings accounts, mortgages, insurance, and investments. Since its launch in 1998, Egg has built a loyal customer base and established a reputation for innovative products and service, complemented by strong online distribution capabilities and brand recognition. Citigroup intends to build on those relationships, including the use of the Egg brand.

Source: Citigroup to Acquire Egg Banking plc from Prudential PLC: Financial News – Yahoo! Finance