EUROPE - 3i appoints two new non-executive directors; halves debt

Allan was previously CFO of Deutsche Post from 2005-2009 and CEO of Exel plc from 1994 to 2005. He has numerous board roles, which include the recent appointment as chairman of appliance and electronics retailer DSG International. He is also on the board at Deutsche Lufthansa AG, facility service provider ISS A/S and National Grid plc.

Cox is currently the chief executive of Hays plc. He was previously CEO of Xansa plc from 2002 to 2007, and was regional president of Asia and group strategy director at Lafarge between 1994 and 2002.

Oliver Stocken, who stood down from his role as senior independent director at the end of March 2009, will officially be retiring from the board at the end of this year.

Separately, 3i has today issued its interim management statement relating to the three month period between 1 April and 30 June 2009. According to the statement, as a result of the rights issue and the receipt of proceeds from 3i QPE, net debt in the company was reduced from £1.9bn at the end of March 2009 to £961m. Realisation proceeds received by 3i dropped to £163 from £301m during the same period in 2008.

3i chief executive Michael Queen has said that the firm will continue 'to take a cautious approach to new investment and maintain its focus on the portfolio'.

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