HSBC Phils appoints first Filipino CEO
MANILA, Philippines - For the first time in over a century of operations here, a Filipino will head The Hong Kong Shanghai Banking Corp. (HSBC) Philippines.
Global banking giant HSBC on Wednesday, November 7, announced the appointment of Wick Veloso as chief executive officer of HSBC Philippines effective December 24, 2012.
Veloso, who is currently head of the bank's Global Markets group, is the first Filipino CEO appointed by the bank in its 137 years of operations in the country.
He replaces Tony Cripps, who will move to his next assignment as CEO of HSBC Australia, also effective December 24.
"I am delighted with Tony's and Wick's appointments and the fact that the group has such depth of talent, we can make appointments of this quality from within," remarked Stuart Gulliver, Group Chief Executive of HSBC Holdings.
Veloso brings with him 26 years of experience, particularly in the Treasury and Markets business.
In his 18 years with HSBC, he has held a variety of key domestic and regional roles, including head of Asian Local Currency Debt Trading and head of Credit Derivatives for Asia Pacific. He has also undertaken a number of overseas attachments in HSBC offices in London, New York, Tokyo Singapore, Korea and Pakistan.
In the Philippines, he is involved in a number of industry associations that promote capital markets developments in the Philippines. He is currently Vice Chairman of the Open Market Committee of the Bankers Association of the Philippines, and was a former president of the Money Market Association of the Philippines. He also currently sits on the Market Governance Board of the Philippine Dealing and Exchange Corp., and has been a long-time member of ACI (Assosacion Cambiste Internationale) Philippines, where he served as its 2006 World Congress Organizing Committee Chairman.
Dondi Baltazar, currently Senior Vice President and Head of Trading in the Philippines, will replace Veloso as Head of Global Markets for the Philippines.
Corrie Dela Cruz-Purisima, wife of Finance Secretary Cesar Purisima, will also be appointed Head of Global Banking and concurrent Head of Debt Capital Markets.
"The Philippines is an important market for the HSBC Group. We continue to invest for growth, focused on building a strong and sustainable business in the Philippines. I am sure Wick, Dondi and Corrie will play integral roles in this development going forward," said Peter Wong, CEO of HSBC Asia-Pacific.
HSBC is very bullish about the Philippines' growth.
It predicted the country will become the 16th largest economy in the world by 2050, saying its growing population, if educated and trained well, should help it generate more income over the next decades.
The bank said the country will likely grow by 8.4% from 2010 to 2020, by 7.3% from 2020 to 2030, by 6.6% from 2030 to 2040, and by 5.8% from 2040 to 2050.
The Philippines grew 6.1% in the first half of 2012 after a low 3.7% growth recorded in 2011 that was due to delays in infrastructure spending and weak exports. - Rappler.com