HSBC (Philippines), Ltd. said its president has resigned.

HSBC (Philippines), Ltd. said its president and chief executive officer Jose Arnulfo “Wick” A. Veloso has stepped down from his position.
“Wick Veloso has resigned from his role as President and CEO of HSBC Philippines,” the lender said in a statement of Monday.
It added that the successor will “be announced in due course.”
The bank refused to comment further when sought for a statement regarding the reason behind Mr. Veloso’s resignation.
Mr. Veloso has been the chief executive of HSBC Philippines since December 2012 and was the first Filipino to hold this position. Prior to this, he served as the head of HSBC’s global and markets operations, according to Bloomberg.
He is also vice chair of the Open Market Committee of the Bankers Association of the Philippines.
Meanwhile, in another development, Philippine National Bank (PNB) yesterday denied reports of the retirement of its president Reynaldo A. Maclang.
“We wish to advise the exchange that to date, the PNB board of directors has not approved any such retirement of PNB President, Reynaldo A. Maclang,” the Lucio C. Tan-owned bank said in a disclosure on Monday. — KANV