Prudential replaces lost Egg CEO

13 October 2006

The UK's second largest insurer Prudential has been forced to appoint a new chief executive for its Egg internet banking division after the current head Mark Nancarrow quit the role to become the managing director of Thomas Cook Financial Services.

Ian Kerr, previously the head of retail banking at HBOS, is set to join Prudential next month, with Mr Nancarrow due to leave for Thomas Cook in the new year.

Traditionally a holiday company, Thomas Cook has branched out into the financial services market only recently, and the company says that it hopes to have a significant presence in the UK's financial sector in the near future.

The news comes only a month after Thomas Cook announced that it would enter into a joint venture with Barclays in providing a range of new financial products.

For their part, Prudential has said that Mr Kerr will help facilitate the closer integration of Egg with Prudential's insurance services.

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