ING Bank on Monday, July 24 announced that Consuelo "Zondy" Garcia will retire as country manager and head of clients of ING’s Manila Branch, effective November 16, 2017. Its board appointed Sicat as her successor who will join the bank mid-August to ensure smooth transition.
Sicat headed the PSE for 6 years until May 2017. He brings with him more than two decades of experience as an investment banker, having worked for Citigroup and its predecessor firms Citicorp and Salomon Brothers in the Philippines, Hong Kong and New York City.
A trained mathematician and economist, Sicat has been involved in the global capital market for about 3 decades.
He has held various external positions, such as independent director of Serica Balanced Fund and Master Fund, member of Euromoney Institutional Investor Asia advisory board, independent director of the Philippine Dealing System Holdings Corporation, member of the board of trustee of Securities Investors Protection Fund, chairman of the emerging market working group of the World Federation of Exchanges, as well as executive in residence of the Asian Institute of Management.
"ING is grateful to Ms. Garcia for her engaging leadership style and the entrepreneurship that she promoted at ING Bank Manila. She always put our clients first. We will miss her dearly and wish her all the best for her well-deserved retirement. We are fortunate to have found a worthy successor in Mr. Hans Sicat," said Gerrit Stoelinga, chief executive officer of ING Wholesale Banking Asia.
Meanwhile, Garcia has been ING Bank's country manager and head of clients for almost 9 years. She joined the Dutch financial institution in 1991 as head of Financial Markets, where she steered the bank to a dominant position in market making of Philippine global high yield and credit derivatives.
For 11 years now, ING has been sponsoring with the Financial Executives Institute of the Philippines (FINEX) the annual search for the ING FINEX chief finance officer of the year.
ING also holds the distinction of being one of only 12 Philippine firms in the advanced category ranked by the Integrity Initiative, a private sector-led campaign that aims to strengthen ethical standards in business.
Sicat said he hopes to build on and expand the business that Garcia and the ING global team have successfully established.
He said his experience in promoting deeper markets, corporate governance, and financial inclusion should be supportive of and complementary to ING's role in the financial ecosystem. – Rappler.com