MANILA, Philippines - The incoming head for the local operations of British financial giant Hongkong and Shanghai Banking Corp. (HSBC) said yesterday he is extremely bullish on the growth prospects of the Philippine market.
Tony Cripps, who currently heads the global banking and market operations of HSBC in Australia, will officially take over the Philippine unit on Aug. 1, marking his first assignment as country head.
Outgoing HSBC Philippines chief executive Mark Watkinson has been reassigned to Canada.
“We see strong growth potentials for the Philippine market in the areas of treasury, corporate banking and private or personal banking,” Cripps said in a press briefing yesterday.
Cripps has been with HSBC for 20 years. He has worked on various fields such as treasury, derivatives, electronic banking and international operations.
He said that he supports his optimism on the improving per capita income in the Philippines, which likewise reflects the strong growth being experienced in the Asia Pacific region.
“We have a very positive outlook for Asia and the Philippines as the crisis in Europe looks quite subdued,” Cripps said.
The proximity of the Philippines to mainland China will also work in favor of the Philippines. “We can hang on to China’s coattails and gain from their strong growth rates,” Watkinson added.
The HSBC officials said the potential for increasing trade and tourism relationships between the two countries is a win-win situation, as this could result in larger investments in the Philippines in infrastructure.
HSBC operates at least 100 branches in China. It recently opened its China headquarters in Shanghai.
Watkinson stressed that the strength of HSBC hinges not only on its domestic capability despite the limited number of branches in the Philippines. “Our differentiator is giving them an overseas network as corporates and even overseas Filipinos expand outside of Philippines as part of the go-abroad policy,” he pointed out.
In the Philippines, HSBC operates six branches, the maximum number of branches allowed for a foreign commercial bank. However, its thrift banking operations cover 24 branches, 21 of which are located in the National Capital Region.
Globally, it operates 8,000 offices in 88 countries, with combined assets worth of $2.3 trillion.