Alan Cook joins NS&I as Chief Executive

With almost 30 million savers and investors, the government-backed savings provider has the largest customer base of any UK retail financial services organisation and made sales of £10.3 billion in the financial year 2001 - 2002.

Alan Cook, 48, joins NS&I from Prudential where he was Chief Operating Officer (UK and Europe) and was also responsible for customer services and PruTech, the IT operation of Prudential in the UK. He takes over from Peter Bareau CBE.

Alan Cook said:

"National Savings and Investments is a unique organisation. We provide security and peace of mind that no other UK retail savings and investments provider can offer because we are backed by HM Treasury. This makes us one of the best propositions for all savers and investors. We provide a very distinct portfolio of products, such as Premium Bonds, which offer a serious yet fun investment - there is nothing like it.

"I want National Savings and Investments to become the first port of call for people who have money to save or invest. There is great momentum within NS&I which should enable us to further develop our products and services and improve sales channels, making it easier for people to save and invest with us.

"We have a significant presence in the retail financial services market and I will continue to improve the flexibility, efficiency and capability of our business to help us meet the challenges of the competitive marketplace in which we operate.

"A large part of our success is as a result of our business partnerships and I am determined to further capitalise on these in order to improve services we provide to customers and increase the savings we pass onto the taxpayer."

Alan Cook's career at Prudential includes posts as Chief Executive, Insurance Services (September 2000 - September 2001), Managing Director, Retail Insurance Operations (October 1999 - August 2000), Managing Director, General Insurance (May 1997 - September 1999), Acquisition Integration Director (December 1996 - April 1997), Senior Vice President, Operations - Jackson National Life (December 1993 - August 1996) and Head of General Insurance Services (December 1990 - November 1993).

National Savings and Investments is a government department and an Executive Agency of the Chancellor of the Excehquer. Its principal objective is to assist in the financing of the government's debt, by borrowing in the retail market at an overall cost that is cheaper than the wholesale market.

Notes for Editors

1. Alan Cook will be available for media interviews from 1 October. Please contact the NS&I press office to arrange an interview.
2. Picture desks requiring a hard copy of the photograph should contact the NS&I press office (details below).
3. Alan Cook is 48 and is married with three children.
4. Mr Cook succeeds Mr Peter Bareau CBE, who has served two full three-year terms.
5. Through its partnerships with Siemens Business Services (SBS) and Post Office Limited (POL), National Savings and Investments markets and sells a range of savings products to the public, including Premium Bonds, Guaranteed Equity Bonds, Savings Certificates and a cash mini ISA.
6. There is currently about £62 billion invested in National Savings and Investments products, which accounts for about 20 per cent of net government debt.