HSBC appoints first Filipino CEO for Philippine unit

Posted at 11/07/2012 10:48 AM | Updated as of 11/07/2012 4:10 PM
(HSBC) today announced the appointment of its first Filipino chief executive officer for its Philippine office Wick Veloso.

MANILA, Philippines - The Hong Kong Shanghai Banking Corp. (HSBC) today announced the appointment of its first Filipino chief executive officer for its Philippine office.

Wick Veloso, who is currently HSBC Philippines' Head of Global Markets, will assume post as the firm's CEO effective on Dec. 24, the bank said in a statement.

He will be replacing Tony Cripps, who will move on as CEO for HSBC Bank Australia effective Dec. 24.

HSBC noted Veloso will also be the first Filipino CEO for the local unit in its 137 years of operations in the country.

"While there is a huge responsibility in being the first appointed Filipino to take on the Chief Executive Officer role for HSBC in the Philippines, I am excited at being able to lead an exceptionally dedicated and talented team to take the Group’s Philippine business forward," Veloso said in the statement.

Veloso has been with HSBC for 18 years, holding key positions including Head of Asian Local Currency Debt Trading and Head of Credit Derivatives for Asia Pacific.

Moreover, he is currently Vice Chairman of the Open Market Committee of the Bankers Association of the Philippines and sits on the Market Governance Board of the Philippine Dealing and Exchange Corp.

Veloso will be replaced by Dondi Baltazar, currently HSBC's Senior Vice President and Head of Trading in the Philippines.