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Last Updated: Tuesday, 27 July, 2004, 07:32 GMT 08:32 UK
Pru says Egg sale talks continue
Prudential office
The Pru has yet to find a buyer for Egg
Insurance giant Prudential has reported a jump in profits - but given no clues as to when it will complete the sale of the Egg internet bank.

Prudential put its 79% stake in the bank up for sale in January, and speculation had intensified that it was close to naming a buyer.

But the Pru merely said it had been in talks with "various parties" about a sale "and these discussions continue".

The firm said half-year pre-tax profits jumped to �509m ($940m).

Prudential said its operating profit grew 55% to �563m with sales up 13% thanks to strong growth across its key markets in the US, UK and Asia.

"Our businesses across the group are firing on all cylinders and our markets in the UK, US and Asia present great opportunities for us," said chief executive Jonathan Bloomer.

Drawn out process

Prudential announced at the start of the year that it was looking to sell the Egg business.

Analysts believe the sale could raise about �1.1bn.

A number of firms are reported to be interested, including US bank group JP Morgan Chase, and credit card firms MBNA and CapitalOne.

Earlier this month speculation intensified that a buyer was close to being named after Egg announced it was closing its loss-making French unit.

The closure came after Prudential told Egg that no potential buyers had the "appetite" to turnaround its French interests.




SEE ALSO:
Internet bank Egg shrinks losses
22 Jul 04  |  Business
Egg to close its French business
13 Jul 04  |  Business
Pru profits fall amid sales slide
24 Feb 04  |  Business
Egg sale attracts queue of buyers
26 Jan 04  |  Business
Prudential has its fill of Egg
14 Jan 04  |  Business


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