Online bank Egg, which once prided itself on its exclusively web-based services, is looking for ways to enter the bricks-and-mortar world.
Chief executive Mike Harris announced that the bank was planning to set up a “skinny branch network” across the UK, adding: “There are 12m people who are happy to use a bank that has a presence on the internet, on the phone and with cash machines. But what about the other 28m?”.
Options open to Egg include using the shopping-centre outlets of life assurer Prudential, which owns 80% of the online firm, or a franchise presence in stores of Boots, the chemist which launched a credit card in partnership with Egg over the summer. Boots has admitted that the latter idea was “not beyond the realms of consideration”.
The move follows the recent promotion of Egg as a telephone bank as well as an online one.
News source: Financial Times