eBanking: iTV beginning to spread across Europe

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eBanking: Scandinavia overtaken by Italy and France

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eBanking: UK will stay Europe's biggest investor

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eCommerce: 27% of Swedish online searches are for banking products

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eCommerce: Germans wild about online stock trading

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Egg: beating the competition

Egg, majority-owned by Prudential, is the UK's leading Internet-only bank by a huge margin. Its key challenges now are to turn France's Zebank into a success, and to cross-sell more premium products, reducing its reliance on credit cards. Neither of these objectives looks impossible - and if Egg achieves them, it will truly have cracked it.

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Egg: cracking the French cards market

Egg's new French cashback Visa product is compelling, and the UK-based online bank has a brilliant track record in credit cards. However, French wallets are dominated by private label cards, French consumers are adverse to credit card borrowing, and the French press is preoccupied with over-indebtedness. France will be Egg's biggest challenge so far.

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Egg: cutting its losses in France

Egg's [EGG.L] Q1 results reflect contrasting fortunes in the UK and France. Egg has been exceptionally successful in the UK market since its launch five years ago, but its recent foray into the French card market has been nothing short of disastrous. Although loses in its French business have declined as the bank reins in its spending, Egg's fate will be in the hands of its eventual new owner.

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Egg: let's go to work

Egg acquired 362,000 net new customers in the first half of 2002, and turned last year's GBP63.4 million loss into a pretax profit of GBP1.2 million. It's also improved its cross-selling efforts, signing up its credit card consumers to higher-margin products. As long as it can continue this trend in the UK and elsewhere, Egg looks set to increase its presence still further.

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Egg: retreat from France on the cards?

Rumors of Egg's [EGG.L] possible withdrawal from the French card market appear to be substantiated by reports that Prudential [PRU.L] wants to sell its majority share in the bank. Certainly, Egg has struggled in France, but there may yet be something to build on. Corporate pressure from above however means the bank may never find out.

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