EUROPEAN financial giant ING Bank has committed to arrange more cross-border investments, corporate financing, merger and acquisition (M&A) deals as well as double its business processing operations in the Philippines as it celebrated its 25th year in this market.
William Connelly, global head of ING commercial banking, said in a briefing on Wednesday that Amsterdam-based ING—one of the largest banks in the eurozone with a market capitalization of 60 billion euros—was focused on supporting Filipino clients, their capital requirements and international expansion and bringing in multinational corporations keen on investing in the Philippines.
“We’re not a bank that just does deals and sells assets. We’re not a bank that comes into a market and when things get difficult walks away,” Connelly said, noting that when ING first set up its representative office in the Philippines in 1990, the country was not in the robust position that it enjoys today.
“But we’re consistently here supporting our clients and we’ll continue to be consistently here supporting our clients,” said Connelly, who flew in for ING Manila’s silver anniversary cocktail reception.
ING was the first foreign bank to upgrade into a universal bank in 1995 when the Philippines liberalized the banking system by allowing 10 new foreign players to come in.
It has since grown into a key player in financial markets, M&As and specialized financing for such sectors as power, utilities and infrastructure.
In 2014, ING set up a local unit -ING Global Services and Operations Inc. – that handles in-house processing for the bank’s growing commercial banking business in Asia and Europe out of a new hub in Bonifacio Global City.
This unit now employs 250 people and the headcount is expected to double to 500 by end-2016.
In commercial banking, Connelly noted that the quality of ING’s franchise in the Philippines was “one of the best anywhere in the world.“
Connelly said ING was combining its specialized sector knowledge with on-the-ground presence and a global network across 40 countries in Asia, Europe, US and Latin America to deepen its wholesale banking operations in this market.
He said: “25 years shows not only our commitment but it’s exciting to see how much the Philippines has developed and how ING has participated in that development. This is the time I’ve seen the country most optimistic and enthusiastic about its future.”
ING bank sees huge opportunities in the Philippines as the country continues to post high economic growth and strong demand in the infrastructure, power and utilities sector. It also sees the trend of cross-border trade and investment to continue.
“European companies have been investing in Asia and in the Philippines. Now, we are seeing more Philippine conglomerates that have now grown big and strong enough to consider into other markets and ING has the international network across 40 countries to help them meet their ambitions,” said Mark Newman, chief executive officer of ING commercial banking in Asia.
ING country manager for the Philippines Consuelo Garcia said it was “easy” to sell the Philippines to foreign investors especially given this potential to enter the demographic sweet spot if the government would play its cards right. While growth expectations have moderated a bit—toward the 6 percent growth level—she said this was still a high-growth level that was something to be proud about.