Jose Arnulfo Veloso steps down as HSBC president

MANILA, Philippines — British banking giant HSBC is set to name a new president and CEO for its Philippine unit after its first Filipino chief executive tendered his resignation.

HSBC Philippines announced that its president and CEO Jose Arnulfo “Wick” Veloso has stepped down from his post.

 “Wick Veloso has resigned from his role a president and CEO of HSBC Philippines. The successor will be announced in due course,” the bank said in a statement.

Veloso’s resignation comes at a time when major banks, including Philippine National Bank (PNB) of tobacco and airline magnate Lucio Tan and Yuchengco-led Rizal Commercial Banking Corp. (RCBC), are scouting for new chief executives.

Sources in the banking industry said Veloso is likely to replace 80-year old PNB president Reynaldo Maclang who is set to retire soon.

However, PNB corporate secretary Maila Katrina Ilarde said in a disclosure to the Philippine Stock Exchange (PSE) that the bank’s board of directors has not approved any such retirement of the PNB president.

On the other hand, other sources said RCBC is interviewing officials from other banks, including BDO Unibank of retail and banking magnate Henry Sy and Aboitiz — led Union Bank of the Philippines, as possible replacement for RCBC president and CEO Gil Buenaventura who is also stepping down soon.

Veloso took over HSBC from former president and CEO Tony Cripps in December 2013.

Veloso was the first Filipino CEO for the local unit of HSBC in its more than 140 years of operations in the Philippines.

The bank has a network of branches, including those of the locally incorporated HSBC Savings Bank, located in Metro Manila, Cebu and Davao.