NS&I appoints new Finance Director
Mike joins NS&I from Standard Chartered plc where he was programme director for group finance. He had been at Standard Chartered since 1997, during which time he was head of group business performance, chief financial officer (Africa region), and group head of operational risk.
Leading a team of 25 people, Mike will be responsible primarily for the management of NS&I’s financial turnover (sales, repayments and reinvestments) which, in 2005- 06, was £20.30 billion. He will also be a member of the board and NS&I’s executive management team, responsible for delivering NS&I’s business strategy.
Mike replaces Trevor Bayley OBE who retired in December 2006.
An ‘excellent choice’
Paul Spencer, NS&I chairman, said:
“I believe we’ve made an excellent choice in Mike. He has the pedigree and skill we expect at NS&I and will be a first-rate addition to the board and the executive management team.” On his appointment, Mike said: “I am looking forward to working with the team at NS&I. Over the past five years, the organisation has gone from strength to strength and the role of finance director looks set to be challenging and very exciting. The future for NS&I looks very bright and I’m pleased to be able to join at this particular time.”
Jane Platt, NS&I chief executive, added:
“I am delighted to welcome Mike to NS&I. He joins a strong team and a vibrant business as we plan our strategy for the next five years. His financial services skills and experience will be a great asset.”
Mike Chilton biography
Mike is a member of the Institute of Chartered Accountants and has a degree in Economics and Business Economics from Southampton University. He lives in north London with his wife and three children. In his free time he plays guitar in a band which does a number of charity concerts, plays five-a-side football and enjoys swimming, and spending time with his wife and children.
Notes to editors
- National Savings and Investments is one of the largest savings organisations in the UK, offering a range of savings and investments products, from Premium Bonds to Inflation-linked Savings, to 27 million customers. All products offer 100% capital security, because they are backed by HM Treasury.
About NS&I
NS&I provides a broad range of savings and investments products for the British public, which include Premium Bonds, Savings Certificates, Direct ISA, Children’s Bonus Bonds and Fixed Rate Savings Bonds. With 27 million customers and £78 billion invested, it is one of the UK’s largest savings providers. As a government department and executive agency of HM Treasury, it is responsible for raising cost-effective financing for the government, and to help reduce the cost of to the taxpayer of government debt.
In the financial year 2005-06, NS&I raised £4.85 billion in net financing (contribution to HM Treasury) and £268 million in value-added (cost of borrowing to the government). Customers invested £11.98 billion during the financial year. £7.84 billion of this was invested in Premium Bonds, NS&I’s flagship product which, in November 2006, celebrated 50 years since their launch. In June 2007 NS&I will celebrate 50 years since the very first prize draw.