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Citigroup's buy of Prudential's Egg Bank cleared by EU
AFX
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BRUSSELS (AFX) - The European Commission said it has cleared Citigroup Inc's proposed 1.13 bln usd acquisition of British insurer Prudential PLC's Egg Bank.
The combination of Egg and Citigroup's British consumer banking and finance operations will create a financial services provider with over 4 mln customers and more than quadruple Citigroup's 800,000-customer credit card base in Britain.
The deal was examined under the EU's 'simplified' merger review procedure for cases which, the commission believes, do not pose competition concerns.
nina.chestney@thomson.com
nc/ic
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