Credit Suisse First Boston has continued its strong record of acquiring high-profile members of the Philippines government with the appointment of Jose Isidro N. (Lito) Camacho, the former Secretary of Finance. The hire comes less than two years after Camacho's resignation from President Arroyo's cabinet and marks his return to investment banking after almost six years.
Camacho joins the firm as a vice chairman for CSFB in Non-Japan Asia, in which capacity he will report directly to Paul Calello, CSFB chairman and chief executive for the Asia-Pacific region.
In addition, Camacho has been named to the firm's chairman's board where he will work with some of CSFB's most senior client-focused bankers across the globe. In the latter position, Camacho reports to Bayo Ogunlesi, CSFB's executive vice chairman and chief client officer in New York.
In his primary role, Camacho will support Calello as a senior member of CSFB's management team in non-Japan Asia, involved in all segments of its business. Camacho says he will act as a point of contact between the firm and clients and regulators across the region and relishes the opportunity to come back to the banking sector.
"I'm very excited about coming back to the banking sector, as it's an industry I'm comfortable with and know that I can contribute to," he tells FinanceAsia. "As a former client of Credit Suisse First Boston, I've always been impressed with the firm's expertise and innovative approaches."
Camacho was Secretary of Finance from June 2001 to November 2003. At the time of his resignation, he cited "physical, financial and emotional" reasons for his departure and said he had never expected government to be his lifetime duty.
Before ascending to this post, he was the Secretary of Energy, during which time he was credited with the passage of the country's power sector reform legislation. In particular, Camacho was an instrumental component in the passage of the Omnibus Power Bill, which gave the green light for the sale of the state-owned National Power Corporation (Napocor).
Prior to his governmental career, Camacho was at Deutsche Bank, which he joined in 1999 after it took over Bankers Trust, where he had been employed for close to 20 years. This culminated in the position of managing director and chief country officer for the Philippines.
"Having had the chance to work with Lito during his time at Banker's Trust, I'm pleased to be welcoming him to the firm," says Calello. "Lito brings to CSFB a depth of knowledge and experience both from within the government and investment banking."
This is not the first time CSFB has looked to the Philippines government for staff. In August 2004, it hired Simon Paterno, former president and CEO of the Development Bank of the Philippines for a managing director role.
Camacho will assume his own role from Singapore.