MANILA, Philippines - British banking giant HSBC has tapped Jose Arnulfo “Wick” Veloso to head its Philippine operations, the first local to occupy the bank’s top spot in 137 years.
In a statement, HSBC said Veloso will take over from outgoing CEO Tony Cripps on Dec. 24.
Cripps, meanwhile, will become CEO of HSBC Australia also effective Dec. 24.
“I am delighted with Tony’s and Wick’s appointments and the fact that the group has such depth of talent, we can make appointments of this quality from within,” said Stuart Gulliver, group chief executive of HSBC Holdings.
For his part, Cripps said: “I am delighted that Wick will be my successor. I have worked very closely with him over my three years in the Philippines. He brings with him extensive experience in the financial services industry, and I have no doubt he will be an invaluable asset to HSBC as it drives towards continued growth in this market.”
Veloso, who told The STAR he got the marching orders from his bosses about the new post on Sept. 27., will bring with him 26 years of experience, particularly in the treasury and markets business.
In fact, he was just assigned to head HSBC’s global banking and markets for the Philippines last Aug. 15.
“While there is a huge responsibility in being the first appointed Filipino to take on the CEO 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, ” he said.
In his 18 years with HSBC, Veloso 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.
He is also involved in a number of industry associations that promote capital markets developments in the Philippines.
He is currently vice chairman of the Open Market Committee of the Bankers Association of the Philippines, and was a former president of the Money Market Association of the Philippines.
He currently sits on the Market Governance Board of the Philippine Dealing and Exchange Corp. and has been a long-time member of ACI (Assosacion Cambiste Internationale) Philippines, where he served as its 2006 World Congress organizing committee chairman.
In line with Veloso’s promotion, Dondi Baltazar, currently senior vice president and head of trading in the Philippines, will become head of global markets for the Philippines.
Baltazar also brings with him over 20 years of experience in the treasury arena. He joined HSBC Philippines as vice president for exchange risk in 1994 and then became senior vice president and head of trading in 2010.