HansSicat, country manager and managing director of ING Bank in the Philippines
ING Bank has brought “more firepower” to its Philippine team as the Dutch group refocuses on wholesale banking in the country while doubling down on its sustainability-related activities.
Hans Sicat, country manager and managing director of ING Bank in the Philippines, said in an interview that as the group marked its 32nd year in the country, its services and products would be imbued with “ESG [environment, social and corporate governance] as an overlay.”
“We have been bringing in returnees (former ING employees that are rehired) and new hires as we return to our roots with an even stronger focus on wholesale banking,” Sicat said.
One such returnee is Jun Palanca, who is back after more than 20 years in Singapore and Hong Kong, to head ING’s wholesale banking business here.
Palanca said the reinforcement of ING Bank’s local team reflected the company’s commitment not just to Asia as an emerging vanguard in global growth, but also to the Philippines’ growth story.
“We’ve seen over the last few years that Asia has been the growth market for the world,” Palanca said.
“Thus, ING is putting a lot of our chips in Asia and the Philippines in particular and that is why myself and Lenin have come back,” he added.
ING Bank Philippines wholesale banking head JunPalanca
Palanca was referring to Lenin Dueñas Jr., who returned as head of diversified corporates and financial institutions at ING Bank’s Manila branch.
Having identified the Asia-Pacific region as the market with continued potential of revenue diversification for ING Bank, the group intends to grow its wholesale banking business and strengthen its position in the Philippines as an advisor in mergers and acquisition, the capital markets and various sectors like renewable energy, technology, media, telecommunications, infrastructure, and financial institutions.
Sicat said ING Bank has been working with clients across the world on their ESG goals, and closed several pioneering deals, including green financing deals.
“In the Philippines, we are proud to advise our clients on their sustainable finance framework; to be their ‘go-to’ bank for the issuance of their first green bond; and provide financing for sustainable projects that would support their transition to a sustainable and low-carbon economy,” he said.
“Our local team is equipped to engage clients and partners in discussions on ESG best practices and we are supported by ING’s regional sustainable finance team in Singapore to help our clients kick-start their sustainability journey,” Sicat added.