ING: Not interested in Egg

ING Group says it is not interested in the English internet bank Egg. ING Group subsidiary ING Direct competes with Egg on both the British and French markets. Van Egg is known that owner Prudential wants to get rid of it. ING Direct prefers to grow independently and not through acquisitions. "The bank is growing so fast that acquisitions are not necessary at all, " says ING spokesperson Dailah Nihot

ING Group says it is not interested in the English internet bank Egg. ING Group subsidiary ING Direct competes with Egg on both the British and French markets. Van Egg is known that owner Prudential wants to get rid of it.

ING Direct prefers to grow independently and not through acquisitions. "The bank is growing so fast that acquisitions are not necessary at all, " says ING spokesperson Dailah Nihot. Until now, ING Direct made an exception only twice, buying in Germany, successively, Direkt Bank and Entrium.
Another reason that ING is not interested is that Egg is mainly specialized in issuing credit cards. According to Nihot, this is not an interesting market for ING Direct, which mainly needs internet savings accounts. "Egg does that too, but it is not their most important service, " says Nihot.
Egg has been on sale for a while, but it really does not want rafts with the sale of the British internet bank. Owner Prudential also says he is in no hurry. Recently, two potential buyers broke away, including the Royal Bank of Scotland.
Egg competes on both the British and French markets with ING Direct. Egg has 3.2 million customers in the United Kingdom and 130, 000 in France. The loss of Egg is for the most part due to the French activities. That loss was 32 million pounds last year. Egg is quite successful in the United Kingdom.
ING Direct has 310, 000 customer customers in the United Kingdom (but the bank has only been active since May 2003) and in France there are 340, 000.
The most important European market for ING Direct is still Germany. According to the latest figures, the bank has 3.7 million customers there. But those figures are from December 2003. Meanwhile, that number is even higher, according to the spokesperson for ING. ING Direct now has almost four million customers in Germany. In total, ING Direct has eight million customers.