HSBC juggernaut takes helm of battle-ready PNB

Wick Veloso photo by JOAN BONDOC

It’s official. The changing of the guard at Lucio Tan-led Philippine National Bank (PNB) will take effect on Nov. 16 this year.

PNB’s board approved on Friday the retirement of Reynaldo Maclang as president and chief executive and the subsequent appointment of veteran banker Jose Arnulfo “Wick” Veloso as his successor.

“The Philippines is poised for long-term, sustainable economic growth and we at PNB are ready to do our part in nation-building,” PNB chair Florencia Tarriela said in a press statement. “We shall draw strength from our legacy of stability and excellence as we face challenges brought about by emerging technologies, nonconventional competitors, and fast-evolving market needs. The appointment of Mr. Veloso signifies PNB’s commitment to rise to this challenge.”

Tarriela said the change in leadership manifested PNB’s determination to “continuously transform itself as a responsive and dynamic financial partner of the Filipino.”

Likewise approved during the meeting was the issuance of up to P20 billion worth of peso-denominated bonds in one or more tranches.

“The board [has] approved a resolution to express its sincerest gratitude to Mr. Maclang for his untiring service and valuable contribution to the bank,” PNB said in a disclosure to the Philippine Stock Exchange.

Maclang, who has dedicated over 40 years of his professional life to the group, will assume the role of board advisor.

Maclang, who is turning 80 this year, oversaw the successful conclusion of the merger between PNB and Allied Bank. He positioned PNB for faster growth. The merger enhanced PNB’s financial strength, resulting in the upgrading of the bank’s credit profile to investment status.

Veloso, 52, is the first Filipino chief of British banking giant HSBC in the Philippines, a position he has held since 2012.

Reports earlier emerged that Veloso has resigned from HSBC to become the new president and CEO of PNB, the country’s fifth largest lender with total assets of P836 billion as of end-June this year.

Veloso has had 27 years of banking experience. He is a veteran in treasury and capital market activities.

As a fresh college graduate with a degree in Marketing Management from De La Salle University, Veloso had initially planned to pursue a career in advertising. However, a local bank offered a job in treasury that paved the way for his entry into the banking business.

Prior to joining HSBC, Veloso had worked for several local institutions, including Urban Development Bank, Asiatrust Development Bank, Citibank in the Philippines, PCIB Capital and PCI Bank.

He first joined HSBC in late 1994 as head of interest rate trading in the Philippines, before transferring to the group’s Asian headquarters in Hong Kong to take on dual roles—as head of Asian local currency debt trading and as head of credit derivatives for Asia Pacific. Before coming back to the country in 2004 to head the Philippines’ treasury and global markets business, he had also undertaken a number of overseas attachments in London, New York, Tokyo, Singapore, Korea and Pakistan.