RETAIL BANKING | Cesar Tordesillas, Philippines

Veloso is first Filipino to head HSBC-Philippines

Virtual Filipinization.

This is how to describe what's happening at HSBC upon the appointment of Jose Arnulfo “Wick” Veloso as 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.

HSBC is one of the oldest foreign banks operating in the country.

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.”

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.

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.

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