UK based online bank, Egg, has announced that it intends to invest heavily in expansion on the European mainland.
Egg Chief Executive Paul Gratton revealed that the bank will not be paying a dividend to shareholders as a result of its expansion plans. Speaking last week, he said that France will be first stop for the financial service provider, and predicted that the planned £100 million spend there over the next three years will win over one million new customers, and garner a profit in 2004.
The online bank has signed partnership deals with retailers Sephora and La Samaritaine, and has extended its relationship with the Microsoft network in order to offer a wider range of financial products online, both in the UK and in France.
The bank has been careful not to put all its eggs in one basket (sorry), and according to Mr Gratton, there are other European projects in the pipeline. However, Egg is keen to get the formula right in France first:
'France is our first port of call, as you know,' explained the bank's CEO. 'It's our first international expansion so we want to get that right.'
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