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Thu 15 Jul 2010 01:53 PM

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Emirates NBD to appoint Subramanian as new CFO - sources

Former StanChart banker to succeed Sanjay Uppal, who said in April he would quit.

Emirates NBD to appoint Subramanian as new CFO - sources
BIG BANK: Emirates NBD is one of the two regional lenders sitting on a committee of seven banks that handles the debt talks between Dubai World and its creditors. (supplied)

Emirates NBD, Dubai's third-largest company by market value, plans to appoint Surya Subramanian, a former Standard Chartered banker, as its new chief financial officer, two banking sources said.

Subramanian will succeed Sanjay Uppal, who said in April he would leave the bank.

He arrives at a time when Emirates NBD is still recovering from a regional real estate downturn and could yet feel the brunt of the impact from the restructuring of Dubai World, the indebted state conglomerate.

Emirates NBD is one of the two regional lenders sitting on a committee of seven banks that handles the debt talks between Dubai World and its creditors.

Emirates NBD is expected to post a 13.7 percent decline in second-quarter net profit, according to three analysts polled by Reuters.

Subramanian was previously chief financial officer for Standard Chartered in Singapore and chief operating officer at Royal Bank of Canada in Asia.

According to Subramanian's page on the Linkedin social networking website, since May 2009 he has worked as a senior technical advisor to the Accounting Standards Council Secretariat Office of Singapore, a department of the Singapore Ministry of Finance.

Emirates NBD was not immediately available to comment. (Reuters)

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