Wednesday, 6 May 2015
Last updated 17 hours ago
Nov 8 2010 | 10:59am ET
Private equity giant the Blackstone Group is eyeing a Citigroup-owned internet bank.
Blackstone and SAV Credit, a credit card company owned by Electra Partners, Morgan Stanley Alternative Investment Partners, Palamon Capital Partners and Varde Partners, are among the potential bidders for Egg Banking. Citi is selling the internet bank as part of its plan to offload non-core assets, just three years after buying Egg from Prudential for US$1.13 billion.
A Blackstone-led deal for Egg would create one of the U.K.'s biggest credit card companies, in partnership with SAV. It would also come as private equity firms have become increasingly active in buying up banks.
However, Blackstone and SAV will have to top Ally Financial and Barclays, among other possible bidders, to make that a reality.
Earlier this year, Blackstone applied for a British bank charter. The firm, along with Cambridge Place Investment Management, is considering the launch of a new bank. Blackstone is also mulling the launch of a US$1 billion blind pool to buy failed banks.
Mar 20 2015 | 12:45pm ET
StreetWise Partners, a non-profit organization that works with low-income individuals to help them overcome employment barriers, raised over $275,000 at the 2015 Raising the Ante Charity Poker Tournament and Casino Event last Wednesday evening at Capitale. Here are some photos from the event. Read more…