Standard Chartered in high-profile Dubai move

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In a high-profile vote of confidence in Dubai, Standard Chartered Bank said on Monday that it was moving its chief executive responsible for all markets except Asia to the emirate.

V Shankar, a Singaporean, is due at the end of April to replace Gareth Bullock, who has overseen the Middle East, Africa, Europe and the Americas from London.

The move is a shot in the arm for Dubai International Financial Centre, an offshore zone in the emirate, where Standard Chartered’s existing operations are based. The DIFC has been rocked by the removal of its former director-general last year while Dubai is suffering a debt crisis and real estate collapse that has impacted the broader economy.