Citigroup, Merrill Lynch Buy Banks
Merrill's buy, its first full acquisition in a decade, gives it access to First Republic assets of $10.7 billion and expands its ability to offer banking services to high-net-worth individuals.
Citigroup will pay some $1.13 billion in cash for Egg, which has 3 million customers in the U.K. and offers products that include online payment services, credit cards, personal loans, savings accounts, mortgages, insurance, and investments. (Prudential PLC is not affiliated with Prudential Financial Inc. of Newark, N.J.)
Both Citibank and Merrill expect to finalize the deals by the end of the first quarter.