HSBC Phils. Elects Filipino CEO

In what could be described as the virtual Filipinization of one of the oldest foreign banks operating in the country, HSBC Plc has appointed Jose Arnulfo "Wick" Veloso as Chief Executive Officer (CEO) of its Philippine operations

Veloso is the first Filipino to steer HSBC-Philippines. He replaces current CEO Tony Cripps, who will head the bank's Australian operation. Veloso, who is presently the Managing Director, treasurer and head the global markets, will assume his new position on December 24, 2012.

"Veloso will be the first Filipino CEO for HSBC Philippines in its 137 years of operations in the country," a statement from HSBC said yesterday.

Also announced yesterday were the appointments of Dondi Baltazar, currently Senior Vice President and Head of Trading in the Philippines, as the new Head of Global Markets for the Philippines, and Corrie Dela Cruz-Purisima as the new Head of Global Banking and concurrent Head of Debt Capital Markets.

Generosa Pio de Roda will head the retail and wealth management sector of the bank. The commercial operations is currently headed by Mimi Concha.

Veloso affirmed that "technically, the movement is a virtual Filipinization of the bank as all major positions and business areas, in the past, have been held by British nationals."

With all these changes and movements, Veloso said Filipinos are on top of "all revenue makers" of the bank.

While he felt "honored," Veloso admitted that on a personal note "it is a huge responsibility in being the first appointed Filipino to take on the CEO role for HSBC in the Philippines."

At the same time, Veloso told Manila Bulletin that he looks forward to his new responsibility. "I am excited to be able to lead an exceptionally dedicated and talented team to take the group's Philippine business forward."

Veloso brings with him 26 years of experience, particularly in the treasury and markets business. In the last 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.

Under his supervision, HSBC's Debt Capital Market competence has been acknowledged, making the bank one of the preferred arrangers and/or book runners of corporate and institutional clients as well as state agencies and the national government in their fund-raising campaigns.

Financial magazines such EuroMoney, The Asset and AsiaMoney have cited HSBC as the "Best Debt House in the Philippines" in 2010, 2008/2009 and "Best Sovereign Bond" for the Republic of the Philippines Global Bonds due 2019, respectively.

Veloso, outside of HSBC, is also very active in industry concerns and issues. He serves as vice chairman of the Open Market Committee of the Bankers Association of the Philippines, and was a past 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 longtime member of ACI (Assosacion Cambiste Internationale) Philippines, where he served as its 2006 World Congress Organising Committee Chairman.

Veloso has prominent associations with past and present administrations. At several times in the past, his name has been shortlisted whenever the national treasurer position is vacated. He never accepted any of the offered high-ranked government positions since as he commented years ago, he could do much more as a private sector mover.

HSBC has transacted many of the Philippine global bonds issuances.


Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • N. Korea fires missiles in anger at South-US military drills
    N. Korea fires missiles in anger at South-US military drills

    North Korea fired two short-range ballistic missiles into the sea and vowed "merciless" retaliation Monday as the US and South Korea kicked off joint military drills denounced by Pyongyang as recklessly confrontational. The annual exercises always trigger a surge in military tensions and warlike rhetoric on the divided peninsula, and analysts saw the North's missile tests as a prelude to a concerted campaign of sabre-rattling. "If there is a particularly sharp escalation, we could see the …

  • Couple married 67 years holds hands in final hours together
    Couple married 67 years holds hands in final hours together

    FRESNO, Calif. (AP) — After spending 67 years together as devoted husband and wife, there was no question how Floyd and Violet Hartwig would end their lives — together. …

  • Hijacked Indonesian vessel found in Davao
    Hijacked Indonesian vessel found in Davao

    An Indonesian cargo vessel that was hijacked a month ago in North Sulawesi, Indonesia has been found stuck in the waters off Mati, Davao Oriental, the Philippine Coast Guard (PCG) reported yesterday. PCG spokesperson Armand Balilo said the PCG- Southeastern Mindanao district was informed on Feb. 23 that the M/T Rehoboth was found aground off Barangay Cabuaya. Four personnel from the local PCG district office were sent to verify the report. The vessel was reportedly hijacked by …

  • 'Jihadi John' relatives under watch in Kuwait
    'Jihadi John' relatives under watch in Kuwait

    Kuwaiti authorities are closely monitoring several relatives of "Jihadi John" who live and work in the Gulf emirate where the Islamic State executioner was born, press reports said on Sunday. A number of relatives of Mohammed Emwazi, named as the militant who has beheaded at least five Western hostages, are working in Kuwait and like him hold British citizenship, Al-Qabas newspaper reported. "Security agencies have taken the necessary measures to monitor them round the clock," the paper said, …

  • Military steps up offensive vs BIFF, Abu Sayyaf
    Military steps up offensive vs BIFF, Abu Sayyaf

    Armed Forces of the Philippines (AFP) chief Gen. Gregorio Pio Catapang Jr. has ordered the sustained campaign against the Abu Sayyaf and the Bangsamoro Islamic Freedom Fighters (BIFF) following the successive offensives against the armed groups last week. A total of 24 Abu Sayyaf bandits and two soldiers were killed in recent clashes in Sulu last week. The Joint Task Group Sulu has received information that Abu Sayyaf leader Radulan Sahiron was wounded during one of the encounters but this is …

  • Militants want US Marines pulled out of Negros
    Militants want US Marines pulled out of Negros

    The militant group Bagong Alyansang Makabayan (Bayan) is calling for the pullout of US Marines who arrived in Sagay City, Negros Occidental last Wednesday to train Special Action Force (SAF) commandos and members of the allied forces. The SAF commandos and the allied forces will secure the Asia-Pacific Economic Cooperation (APEC) ministerial meeting in this city. Bayan-Negros secretary general Christian Tuayon said the US troops might violate the human rights of activists, especially those …

  • Interview: Australia says hunt for missing MH370 jet may be called off soon
    Interview: Australia says hunt for missing MH370 jet may be called off soon

    By Matt Siegel CANBERRA (Reuters) - The search for missing Malaysia Airlines Flight MH370 cannot go on forever, Australia's deputy prime minister said, and discussions are already under way between Australia, China and Malaysia as to whether to call off the hunt within weeks. No trace has been found of the Boeing 777 aircraft, which disappeared a year ago this week carrying 239 passengers and crew, in what has become one of the greatest mysteries in aviation history. The search of a rugged …

  • Binay backs house arrest for JPE, GMA
    Binay backs house arrest for JPE, GMA

    Vice President Jejomar Binay yesterday supported proposals to put Sen. Juan Ponce Enrile and former President now Pampanga Rep. Gloria Macapagal- Arroyo under house arrest. “Government prosecutors are opposing house arrest for… Enrile. Binay issued the statement after the 91-year-old Enrile was rushed to the Makati Medical Center on Thursday due to pneumonia. House arrest for him would be the compassionate thing to do,” he added. …


Should Aquino be held accountable over the Mamasapano operations?

Poll Choice Options