Cover HSBC Philippines CEO Sandeep Uppal recounts the remarkable heritage of the institution and how it resolutely continues to bridge the country with the world
HSBC Philippines CEO Sandeep Uppal recounts the remarkable heritage of the institution and how it resolutely continues to bridge the country with the world
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HSBC Philippines CEO Sandeep Uppal recounts the remarkable heritage of the institution and how it resolutely continues to bridge the country with the world
In many ways, the history of HSBC as a premier banking institution has mirrored our own as a nation. When its founding bureau, the Hongkong and Shanghai Banking Corporation, was first established in Hong Kong circa 1865, it took only 22 days for the bank to appoint an agent in Manila in the personage of Russell Sturgis and Co, a leading merchant house.
While this, unfortunately, went bust after ten years, HSBC’s directors were not perturbed. In November of the same year, they set up an office in Binondo, the country’s centre of commerce at the time.
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From financing, the sugar trade in Iloilo to contributing to the inaugural Manila-Dagupan railway in 1883, the local unit of HSBC rose in prominence and eventually outgrew its initial office. In 1903, it built a stalwart building in Binondo, where it mightily fared during the Second World War, getting dismantled and reconstructed once more. When business flocked to Makati in the Seventies, the bank made its way there, too, occupying a couple of addresses just as the city experienced its own metamorphosis over the years.
Finally in the 2000s, when Bonifacio Global City in Taguig had only a few staggering skyscrapers, HSBC Philippines had proudly been among the first occupants to seize the immense potential of the forthcoming hub.
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Detailing this storied journey, newly appointed President and CEO Sandeep Uppal mentions how following the trajectory of HSBC in the last 147 years is attuned to how the country has likewise evolved through the past century. He says, “I always say that banking is a play on the underlying economy. We don’t create business; the economy creates it, and banks thrive on and support that business.”
While avowedly a man of few words, Uppal evidently talks about HSBC’s journey and identity with much gusto. “Having worked with the company for 29 years, HSBC feels more like a person to me and not a corporate entity,” he muses. "As an organisation, it is very fair, transparent and consistent, which can be seen throughout its history.
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While it’s a very old bank, we also find it progressive. It’s kept up with the times, whether it’s in the adoption of technology or in the fact that we have signed up to be net zero by 2030.” Through HSBC’s worldwide network and its uniquely proffered International Management Programme, Uppal has been a global nomad since the Nineties, with a fruitful career that has spanned Hong Kong, India, Mauritius, the Philippines and the United Kingdom. Coupled with the opportunity to hold senior positions in all aspects of banking, the thrilling experience has enabled him to fuel his early-sown fascination with the world of finance, perpetually learning as the industry continues to change.
Upon his recent appointment at HSBC Philippines, Uppal returns to the country for a second time after 23 years. “While the city may have gotten bigger, glitzier and sharper, the culture has really remained the same,” he enthuses, citing the people’s jovial energy and hardworking disposition as a connection he shares with his colleagues. He adds, “I’m not big on hierarchy. As I engage with the people I work with, I’m always learning from them.” While having a global nature is ever intrinsic to HSBC’s core as an institution, here, it further jives with the local culture, fortifying the brand’s role and commitment to the Philippines.
Relaying his high regard for domestic banks, he additionally states, “The position we see for ourselves is not to replicate what a local bank does, but to see how we as a leading international bank can bring value by bridging the Philippines with the world.” This is manifested in various ways, whether it’s by supporting multinationals who come to the Philippines or by helping Filipino corporations and individuals venture abroad, as they expand their businesses or seek investment opportunities and diversification.
Recently, HSBC Philippines has also launched its Graduate Programme, which aids students fresh out of university to jumpstart their global careers.
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Through the toils of the Coronavirus pandemic, it must also be mentioned how HSBC Philippines strongly placed the needs of its clients, employees and community at the fore. Beyond its internal innovations, the institution established numerous platforms for the benefit of frontliners, affected families, and struggling local businesses as it joined hands with its generous customers. “Digitalisation really helped us, both on the corporate side and retail side. Our staff could perform their functions from their homes and so could clients,” expresses Uppal, stressing how business continued to flourish even through challenging times. He relates, “It wasn’t just about getting it right for our customers and staff, but in a way, it also kept the economy going.”
Proudly marking its anniversary this year, HSBC Philippines now expands its investment offerings through HSBC Wealth. With the country’s rising young population and its economy on the rise, this latest expansion purveys a range of Unit Investment Trust Funds, a broader choice of domestic and off-shore products, as well as a holistic suite of services to help more Filipinos create diversified portfolios.
Uppal lastly remarks, “HSBC has been here for 147 years. While it’s a lovely legacy, it comes with a responsibility as well.” From its proposition as a foremost bank with a unique international network, HSBC Philippines only further solidifies its footing through continued evolution and a resilience to deepen its permanent mark in our history. Keeping this vision alight, Uppal finally hopes to inspire a generation of aspiring financiers, saying, “Develop a trait to be inquisitive. As long as you’re learning, you’ll be successful.”
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Credits
Photography: Jan Mayo
Make-Up: Frankie Bacierto
Production: Nick Valera
Trained as a student journalist, Mac’s knack for writing was a serendipitous discovery. Years later and she can’t imagine doing anything else. When she isn’t typing away on a story, she revels in being lost in a new city, revisiting a cosy film or sitcom, and idling away with her dogs.
