Standard Chartered Names Papadopoulos Regional CEO Mideast

9th Jun 2010 12:50

DUBAI (Zawya Dow Jones)--Asian focused U.K. bank Standard Chartered PLC (STAN.LN) Wednesday named Christos Papadopoulos as its new Middle East chief executive based in Dubai as it seeks to double revenue from the region in five years. Papadopoulos replaces Shayne Nelson and will report to V. Shankar, chief executive for Europe, the Middle East, Africa and the Americas, in Dubai, the bank said in an emailed statement. V. Shankar told Zawya Dow Jones Sunday that the bank plans to double revenue from the Middle East region to $4 billion over the next three to five years shrugging off its exposure to Dubai World's debt restructuring. The U.K.-based bank is one of seven senior creditors negotiating the final restructuring of $23.5 billion of debt with Dubai World. The bank is also in talks with Dubai Holding to roll over a $555 million loan due in July. Standard Chartered derives more than 90% of its income from emerging markets in Asia, Africa and the Middle East. Although the bank is believed to have one of the highest exposures to Dubai among banks globally, it has said it is well-protected against potential losses. -By Andrew Critchlow, Dow Jones Newswires; +9714 446-1686; [email protected] Copyright (c) 2010 Dow Jones & Company, Inc. (END) Dow Jones Newswires June 09, 2010 07:50 ET (11:50 GMT)