Online bank all whipped up over expansion plans...
Published: 29 January 2002 08:32 GMT
UK online bank Egg is reported to have reached an agreement to buy Zebank, the online banking venture set up by Bernard Arnault.
While this marks a significant move away from internet investments for the French Tycoon, the deal provides a much needed expansion for Egg.
Egg has been looking to expand into Europe for more than a year, according to the Financial Times, and analysts have been expecting to see signs of expansion since the online bank announced breaking even in November.
Zebank has built up a customer base of 100,000 clients since it launched in February last year.
The acquisition is expected to include a retail distribution deal with Arnault's luxury goods LMVH.
Egg has nearly two million customers, primarily for its credit card.
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