People Digest: Chinabank names new CFO; Zedra appoints senior trust execs in HK

Patrick Cheng. Visual from Chinabank's website.

China Banking Corp in the Philippines has appointed Patrick Cheng as its chief financial officer, while global financial services company Zedra Group has hired two senior trust executives based in Hong Kong.

Philippines: Chinabank’s Patrick Cheng assumes CFO post

Philippine private universal bank China Banking Corp (Chinabank) has named Patrick Cheng on Wednesday, October 4, to be its new chief financial officer come December 1, 2017.

Cheng is currently Chinabank’s senior vice president, trust officer, and group head of trust and asset management group. He is a seasoned banker with over two decades of experience in wealth management, treasury, and consumer banking.

Cheng joined China Bank in March 2015 as deputy group head, and later on succeeded SVP Rene Sarmiento who retired in December 31
of that same year as trust group head.

Prior to Chinabank, Cheng was head of trust and wealth management of Philippine Bank of Communications (PBCom). He held various senior positions at HSBC Savings, HSBC Philippines, and Citibank NA (Philippines).

He also served as director of government-owned Credit Information Corporation and president of the Chamber of Thrift Banks.

A certified public accountant, Cheng graduated from the University of the Philippines, Magna Cum Laude, with a Bachelor of Science degree in Business Administration and Accountancy. He also completed his MS Management with Distinction at the Hult International School of Business in Cambridge, Massachusetts.

Chinabank’s board of directors on Wednesday, likewise approved the new designations of Delia Marquez as group head of centralized operations group, and Lilian Yu as first vice president II and group head of institutional banking group.

Yu and Marquez will take on their new roles on November 1, and December 1, respectively.

Marquez is Chinabank’s current first vice president II and head of controllership group and business process management division, while Yu still holds her position as first vice president I and deputy group head of institutional banking group.

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Zedra appoints senior trust execs in HK

Global trust and fiduciary services firm Zedra Group has hired Jacqueline Shek, and Stella Tong as executive directors of trust services, and family office services, respectively, who will be both based in Hong Kong.

Zedra CEO Niels Nielsen, said the latest hiring were made as the company takes on the substantial opportunity for growth in the increasingly complex market of trust and fiduciary services.

Shek is a private client and trust lawyer with a track record of over 18 years specialising in tax, trust & private wealth structuring. Tong is a lawyer with an MBA, and has 30 years of experience in both private client and corporate advisory and structuring.

“Jacqueline and Stella have the knowledge and the know-how to strengthen and broaden our team in Asia, with the expertise, knowledge and industry insight which dovetails extremely well with our existing team of highly qualified professionals,” Nielsen said.

Headquartered in the Cayman Islands, Zedra has 14 global offices including Jersey, Guernsey, the Isle of Man, Luxembourg, Australia New Zealand, Hong Kong, Netherlands, Singapore, the United Kingdom, Switzerland, and Miami.

The company was acquired from Barclays in January 2016 by an independent investor group. It now claims to have a team of 500 industry experts.

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