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Article: First Web Bank Hatched in U.K. Off to Sizzling Start.(the success of Egg, the United Kingdom's first Internet bank)(Company Profile)(Statistical Data Included)
- Article from:
- American Banker
- Article date:
- October 15, 1999
- Author:
CopyrightCOPYRIGHT 1999 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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LONDON -
Egg, the United Kingdom's first Internet bank, celebrated its first anniversary this week with more than $12 billion of deposits and 600,000 customers.
Those numbers make it six times bigger than Telebank, the branchless U.S. bank that has been on the Internet for four years. Telebank announced last week that it had amassed $2 billion of deposits and 100,000 customers.
"We have massively exceeded our expectations," said Michael J. Harris, chief executive officer of Egg and Prudential Banking PLC. Egg is a division of that bank, which in turn is owned by Prudential PLC, the United Kingdom's largest life insurer, with $248 billion of ...