ING names Hans B. Sicat as new Philippines country head

Hans B. Sicat, former president and CEO of the Philippine Stock Exchange, Inc. (PSE), has been appointed country head of ING Philippines, effective 16 November 2017.

Hans Sicat

ING Bank has announced that Consuelo “Zondy” D. Garcia will retire as country manager and head of Clients of ING’s Manila Branch, effective 16 November 2017. Mr. Sicat has been appointed as her successor. He will join the bank mid-August to ensure a smooth transition and will assume both roles upon Ms. Garcia’s retirement.

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

A trained mathematician and economist, Mr. Sicat has been involved in the global capital market for about three decades. He has held various external positions, such as independent director of Serica Balanced Fund and Master Fund (a hedge fund), member of Euromoney Institutional Investor Asia advisory board; independent director of the Philippine Dealing System Holdings Corporation; member of the board of trustee of Securities Investors Protection Fund; chairman of the emerging market working group of the World Federation of Exchanges; and executive-in residence of the Asian Institute of Management.

Ms. Garcia has been 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, Ms. Garcia played a pivotal role in the divestment of the branch international private banking and asset management businesses pursuant to the bank’s global strategy to focus on commercial and investment banking. She developed the Philippine business into an award-winning franchise, recognized consistently by other industry groups as the Top Fixed Income and Mergers and Acquisitions House.

Ms. Garcia is a staunch and passionate advocate of good governance and integrity initiatives. For 11 years now, ING has been jointly sponsoring with the Financial Executives Institute of the Philippines (FINEX) the annual search for the ING FINEX CFO of the Year. ING also holds the distinction of being one of only 12 Philippine firms in the advanced category ranked by the Integrity Initiative, a private sector-led campaign that aims to strengthen ethical standards in business. In her capacity as a director in two industry organisations, the Bankers Association of the Philippines and FINEX, Ms. Garcia also pushed for major capital market reforms in the industry.

Within ING’s global network that spans more than 40 countries, the Manila Branch, under Ms. Garcia’s leadership, has also stood out for its comprehensive CSR activities and strong partnerships with global non-profit organisations. Among these are the two ING Villages that host more than 200 houses for families displaced by typhoons, the distribution of more than 1,200 bikes in six schools in Isabela and Zambales as a pilot for the ING Asia Orange Bike Project, and the ING Learning Center regular tutorials for school children and scholarship grants for high school and college.

“ING is grateful to Ms. Garcia for her engaging leadership style and the entrepreneurship that she promoted at ING Bank Manila. She always put our clients first. We will miss her dearly and wish her all the best for her well-deserved retirement. We are fortunate to have found a worthy successor in Mr. Hans Sicat,” said Gerrit Stoelinga, CEO of ING Wholesale Banking Asia.

Mr. Sicat said he hopes to build on and expand the business that Ms. Garcia and the ING global team have successfully established. He said his experience in promoting deeper markets, corporate governance and financial inclusion should be supportive of and complementary to ING's role in the financial ecosystem.