Pru sells Egg for £575m

Insurer Prudential agreed to part company with banking group Egg for £575m (€871m) today – just a year after it took complete control of the business.

US banking giant Citigroup will take on Egg after the Pru said a sale would realise greater value than retaining the internet-based operation, which is estimated to have made operating losses of £145m (€219.6m) last year.