Shankar named as Middle East Chief by Standard Chartered
On Monday, V. Shankar was named as chief executive for the Middle East division by Standard Chartered Bank PLC, one of the main creditors to debt-laden Dubai World.
Mr. Shankar, who will be based in Dubai and will report to Peter Sands, group chief executive of Standard Chartered, will also be looking over the bank's business in Africa, the Americas and Europe.
Mr. Sands said in a statement, "Good governance is critical for a well-run bank and Shankar's intimate knowledge of the bank will be invaluable."
Mr. Shankar will take over the charge from 1st May. Mr. Shankar, basically a Singaporean, will succeed Gareth Bullock, who will retire from the board of bank on April 30.
There is a six bank committee that represents creditors in negotiations with Dubai World to restructure $22 billion of debt, and Standard Chartered is a part of this committee. Being one of the five markets, the UAE contribute $1 billion or more to the bank's revenue.
Earlier this month, the UK lender made a hike by 4.7% in full-year net profit to $3.28 billion, higher from $3.13 billion in 2008, helped by strength in its wholesale banking operations.
Over 90% of the income by Standard Chartered is derived from developing markets in Asia, Africa and the Middle East and is expects to witness growing challenges in the Middle East and some South Asia markets, partly because of political uncertainties in Pakistan and Dubai's debt problems.
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