Armed with a global perspective and deep understanding of how the bank’s network opens up a world of opportunities to its customers, Sandeep Uppal brings HSBC Philippines to greater heights — and its customers to a whole new world of opportunities.
By JOYCE REYES-AGUILA
Photography by JAR CONCENGCO
HSBC Philippines president and CEO Sandeep Uppal’s career in banking and finance started with a fascination with bank transactions when he visited banks at an early age. “In later years, I learned about how cash was effectively oiling the economy,” he shares with PeopleAsia. “Clearly, a different era, as one could now realize all that in a mobile banking app!”
Sandeep built upon this interest, pursuing Economics at the Delhi University. “I gained an appreciation that banking is a play on the underlying economy and thus, there is a need to understand macro-economics.” The executive also holds a master’s degree in Business Administration from the Xavier School of Management in India.
It was during a holiday with a friend working for HSBC that Sandeep was encouraged to apply to the bank. At that time, he was connected with another financial firm. “I gained insights into this great institution,” Sandeep says. “I was advised that there would be a good cultural fit. How true that turned out to be!”
Thirty years and various leadership positions in different countries later, the words of Sandeep’s friend still hold water. HSBC and Sandeep continue to be a perfect fit for each other. “I see HSBC more as a person and not as a corporate entity,” he reflects. “It is an organization that is very fair, transparent and consistent, which can be seen throughout its history. While it’s a very old bank, I find it progressive. HSBC keeps up with the times, whether it’s in the adoption of technology, or in the fact that we signed up to be net zero by 2030.” The United Nations defines the state of being “net zero” as the capability “to reduce greenhouse gas emissions and/or to ensure that any ongoing emissions are balanced by removals.”
Sandeep’s insights on HSBC are based on various positions of leadership in the bank — in the area of commercial banking, corporate banking, trade services, private banking, personal banking and strategic planning. “Each role has been an opportunity to make a difference both for the bank and the wider stakeholders, and provided me with great learning,” he shares. “The experiences have allowed me to build a large global network. I am grateful for the variety of experiences that I have gained from learning across geographies and banking functions.”
The executive adds that having worked across the globe has taught him that “countries are so very different and at the same time so similar. The key is to know what falls in which bucket.”
Being part of HSBC’s International Management Program has made him a “global nomad” with his professional stints in Hong Kong, India, Mauritius, United Kingdom and the Philippines. “Through this journey, I have had the opportunity to hold positions across various aspects of banking. I continue to be fascinated with the world of finance, as it continuously evolves — offering a great opportunity for perpetual learning.”
His learnings include realizing that “undertaking roles across countries does require one to hit the ground running even though your Day One at work could be the day after you have landed in the country,” he shares. “Over the years, I have realized that this requires careful planning, a huge amount of information collection both by reading and talking to the right people, developing a network quickly and gaining confidence. The rest will then follow.”
Sandeep explains that he is not a leader who is “big on hierarchy,” adding, “I engage with all the people I work with, and I always like learning from them.” He is also an advocate of good balance outside of work. “I sprinkle my time with travel, exploring food with friends, playing golf, swimming and taking walks, which I have loved to appreciate from my time in Hong Kong,” he says. “Above all, I love spending time with my family, and that does take careful planning as our children are based in London. All the traveling through time zones does not help!”
Global insights, local gains
Sandeep’s long international career with HSBC has equipped him with a global perspective and deep understanding of how the bank’s network opens up a world of opportunities to its customers, including their clients in the Philippines.
“Given that our positioning in the Philippines, since 1875 when we opened our first local branch, is to be the `bridge to the world,’ I believe that my international experience enables me to effectively deliver on that,” the executive says. “My observation is that most Filipinos are generally conservative in the way they invest and spend their money. This is good. However, as the population accumulates wealth, there are opportunities out there that they can take on and make their money grow.
HSBC has been in the Philippines for 148 years. “That fact is a cause of celebration,” he maintains. “Over this period, we have successfully established ourselves as one of — if not the leading — full-service international banks in the Philippines that support both our retail and corporate clients. Also, recognizing that we prosper when the Philippines prospers, we have been actively supporting the country in raising funds through sovereign bonds, and actively participating in international Philippine Economic Briefings to attract capital into the country. We also recently signed an MoU (memorandum of understanding) with the Department of Trade and Industry to drive up foreign direct investments in the Philippines.”
“Our research suggests that the wealth of Filipinos will more than double by 2030. This requires talking to the right financial partner who is not just pushing products but, more importantly, bespoke solutions. This has been HSBC’s approach over the years,” he continues.
The executive adds that HSBC is seeing more of its corporate and retail customers “think international” as cross-border travel is increasing post-pandemic. In response, HSBC Philippines is working closely with its international network to provide seamless cross-border protection. “Also, seeing how our customers’ banking behaviors have changed, we have ramped up our investment digitalization. This medium now accounts for most of our transactions,” Sandeep reports.
HSBC Philippines introduced HSBC Wealth or HSBC Investment and Insurance Brokerage, Philippines, Inc. in August 2022. Through it, the executive says they are able “to offer a range of unit investment trust funds (UITFs) covering a range of asset classes and risk profiles, thereby giving clients a broader choice of investment products to create a diversified portfolio.”
Further, Sandeep says HSBC Wealth establishes the bank’s ambition to be the leading international wealth manager in the Philippines. “The evolution of our wealth management business builds on our continued commitment to investing in the Philippines with new capital, giving our clients a wider suite of products and better customer experience through our qualified wealth managers,” he explains.
Aside from HSBC Wealth, HSBC Philippines also combined the retail bank operations of HSBC Savings Bank and HSBC Philippines under the latter entity to deliver a more streamlined journey to support the growth of its retail banking customer base in 2022. In the same year, the bank
established partnerships with the Philippines as a bookrunner for the $2-billion international bond issuance and many other issuances thereafter. The bank also upgraded and refreshed its branches in Davao and Bonifacio Global City.
“We look forward to continue supporting our customers in the foreseeable future,” Sandeep declares. “Through this journey, we will evolve as our customers and the environment evolve, ensuring we and, more importantly, our services are always relevant. This will ensure that HSBC continues to be the strong financial bridge linking the Philippines with the world.
“I believe the key to corporate success is developing the right strategy, creating an appropriate organization structure, and then filling that with talented staff. This ensures that the organization is continuously improving with each day becoming better than the previous one. Clearly, all this would come to fruition with the right culture, which allows everyone to realize their full potential,” he concludes.
