New China Bank Trust Group head

MANILA, Philippines – The China Banking Corp. has named first vice president Patrick D. Cheng as Trust Group head effective Dec.16, following the retirement of senior vice president Rene J. Sarmiento.  Cheng will also be a member of the Management Committee. Cheng joined China Bank in March this year as deputy group head and successor of Sarmiento who had served the bank for over 21 years.  Under Sarmiento’s leadership, China Bank became one of the country’s leading institutions in trust banking, ranking 6th in the industry in terms of assets managed. Prior to China Bank, Cheng was head of Trust and Wealth Management of Philippine Bank of Communications (PBCom); and before that, he was with HSBC Savings, HSBC Philippines, Citibank N.A. (Philippines), holding various senior positions.  He also served as director of government-owned Credit Information Corporation and president of the Chamber of Thrift Banks. Cheng graduated from the University of the Philippines, Magna Cum Laude, with a Bachelor of Science degree in Business Administration and Accountancy. He is certified public accountant who ranked 7th in the 1985 CPA exams and a Distinguished Alumnus Awardee of the UP College of Business Administration. He also completed his MS Management with Distinction at the Hult International School of Business in Cambridge, Massachusetts.