ING names ex-PSE chief new Phl country manager

MANILA, Philippines - Dutch banking giant ING Bank has named former Philippine Stock Exchange president and CEO Hans Sicat as its new country manager.

Consuelo Garcia, the indefatigable female boss at ING, will retire as country manager and head of clients of ING’s Manila branch on Nov. 16 while Sicat is set join the bank mid-August to ensure a smooth transition.

The former PSE chief is seen contributing his invaluable knowledge as a trained mathematician and economist to ING Bank as its new country head.

Sicat, who headed the PSE for six years until May 2017, also brings with him more than two decades of experience as an investment banker. He previously worked for Citigroup and its predecessor firms Citicorp and Salomon Brothers in the Philippines, Hong Kong and New York City.

He has been involved in the global capital market for about three decades and as PSE chief, he steered the local bourse in implementing the necessary reforms for listed companies.

He served as chairman of the emerging market working group of the World Federation of Exchanges and executive in residence of the Asian Institute of Management.

Garcia served as ING Bank’s country manager and head of clients for almost nine years. She joined the Dutch financial institution in 1991 as head of financial markets, where she steered the bank to a dominant position in market making of Philippine global high yield and credit derivatives and as a top arranger for local debt capital markets.

During her term as country manager, she played a pivotal role in the divestment of the branch’s international private banking and asset management businesses pursuant to the bank’s global strategy to focus on commercial and investment banking.

With her at the helm, the bank’s Philippine business also developed into an award-winning franchise, recognized consistently by other industry groups as the Top Fixed Income and Mergers and Acquisitions House.