ING’s Hans Sicat wants to get more deals done under Duterte administration
Dutch financial giant ING Bank, N.V. is eyeing to ink more market deals to take advantage of the sustained robust growth of the Philippine economy.
In a briefing Wednesday, new ING Bank Country Manager Hans B. Sicat expected more opportunities with the Duterte administration’s intensified program on infrastructure.
“In ING we want to do more market deals. More than the capital market deals you all see us bring to fore,” he said.
The new ING Bank Manila chief, who would assume his post starting November 16 this year in lieu of former ING Bank Manila head Consuelo Garcia, said the Philippines was a priority country of ING in Asia.
He said they were optimistic not only for the conglomerates but the growing companies as well as those in the consumer and retail sectors, among others.
He said a number of conglomerates were reviewing their portfolio and how to maximize their value for their stakeholders and take advantage of opportunities.
He said another focus was on companies inrenewable energy (RE), which accounts for 58 percent of ING’s project financing deals in 2016.
“Clearly, the government’s focus on infrastructure should be a good thing for the economy in general. That gives you a clue on opportunities for financing,” he said.
The incoming ING Bank Manila chief said the “Build, build, build” program would be a boon to project financiers.
Since starting its domestic operations in 1990, ING has arranged 87 mergers and acquisition (M&A) deals amounting to around $26 billion as well as 117 capital market transactions reaching more than $28 billion.
“We need to strongly demonstrate this strength to our clients, particularly to up-and-coming conglomerates that need our service to grow bigger,” Sicat said.
Garcia, during the same briefing, said ING was not new to infrastructure financing deals, its bred and butter in Europe.
“What we see to be our role is connecting our clients and getting them aware of the requirements not just here but in Asia,” she said.
Garcia said some of these projects need joint venture (JVs) because they required massive capital.(PNA)