Prudential has abruptly abandoned plans to sell Egg, its UK online retail bank, after a seven-month auction run by Morgan Stanley failed to find a buyer. Just last week the UK insurer said that sale talks were continuing.

Egg's shares slumped 23% by 08:30 GMT to 111p, wiping £215m (€325m) off the value of Prudential's 79% stake and £272m from Egg giving it a market capitalisation of £920m.