HSBC shuffles cash heads in emerging markets

HSBC appoints Manny Narciso as head of global payments and cash management in Vietnam and hires Patricia Olbes to run the business in the Philippines.
HSBC has appointed Manny Narciso as head of global payments and cash management in Vietnam, as part of the bank's ongoing efforts to strengthen its payments and cash management capabilities in the country.

Prior to this appointment, Narciso was head of HSBC's cash division in the Philippines. Narciso, who has been a banker for 22 years, was responsible for managing the operations and business growth of the global payments and cash management business.

His banking experience also includes senior roles in the Philippines at Security Bank where he was head of transaction banking, and at Citigroup where he handled marketing and sales of cash and trade products.

"We take a long-term view of our cash management business and therefore continue to invest in our people, products and services,ö says John Laurens, head of global payments and cash management, Asia-Pacific at HSBC. ôThe current global macroeconomic environment has upside from a cash management standpoint as clients sharpen focus on optimising their liquidity and working capital management, thereby providing HSBC with new opportunities to craft cash management solutions to meet these needs. In addition, as a consequence of the global credit crunch, clients are paying greater attention to counterparty risk, which we view as a positive stimulus for the business."

Vietnam offers growth opportunities for its cash management business, as one of the fastest growing economies in Asia, with GDP growth in excess of 7% over the past few years, the bank said.

Narciso's former position in the Philippines has been filled by Patricia R Olbes. Olbes was previously head of product management for Citigroup's global transaction banking business in the Philippines.

She has also held senior transaction banking roles in sales, client service and operations. Banking officials at Citi could not be reached for comment on her subsequent replacement at the bank.
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