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Emirates NBD CFO resigns
DUBAI — Sanjay Uppal, Chief Financial Officer of Emirates NBD – the largest bank in the Gulf by assets, resigned from his position after serving almost five years with the group, people familiar with the matter said.
Uppal, 45, is an international banker with over 17 years of banking experience spanning markets across Asia and the Middle East. He joined Emirates Bank in 2005 as Group Chief Financial Officer. Following the merger of Emirates Bank & NBD in October 2007, he was appointed as the Group Chief Financial Officer for the merged bank - Emirates NBD.
Uppal, who is one of the media-friendly top bankers in the country, is likely to remain in his position until July, sources told Khaleej Times on conditions of anonymity. Emirates NBD spokespersons declined to comment on the story.
“In the last two years, their disclosure, financials and conference calls - the level of detail is more than any other bank I cover,” Al Mal Capital’s analyst Deepak Tolani told Reuters.
“Uppal’s successor could be named from within the bank. As a result of the merger there are a lot of competent people there, there must be someone who can step up...to ensure continuation,” Al Mal Capital’s analyst Deepak Tolani told Reuters.
From 1994 to 2005 Uppal worked with Standard Chartered Bank in India, Indonesia, Singapore, Taiwan, the Philippines and the UAE where he held key positions including Chief Financial Officer positions in Taiwan, Philippines & the UAE and Group Head of Strategy & Finance for the bank’s Wealth Management business.
Uppal, who holds a masters’ degree in business administration from the Indian Institute of Management, Bangalore, was with Standard Chartered between 1994 and 2005. Sanjay holds a Master in Business Administration from the Indian Institute of Management, Bangalore, India. He also possesses a bachelor degree in Electrical & Electronics Engineering and a masters degree in physics.
During a recent interview with Khaleej Times, Uppal said, “If you look at 2009 as a year outside of China the net banking assets growth has been minimal and in some cases negative across the world. When we look at 2010 we believe that some of the challenges of the economic crisis still exist around the world.”
Regarding the lessons learnt during the global financial crisis, Uppal said, “I think the lessons are still being learned across the world. The world has ridden through perhaps the worst phase of the crisis but the crisis in the entirely is not quite over yet.”
Emirates NBD shares rose by 3.4 per cent to Dh3.02 on the Dubai Financial Market on Sunday. — abdulbasit@khaleejtimes.com]]
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