CSFB has affirmed its commitment to the Philippines by announcing two senior hires. Simon Paterno and Chiqui Huang will join CSFB and both will report to Eric Varvel, the firm's head of investment banking for Asia-Pacific ex-Japan.

The high-profile Paterno will return to the private sector on September 1 as a managing director for CSFB. He joins the firm from the Development Bank of the Philippines, where he was president and CEO. He was also the vice chairman of the board while at the DBP. Before signing with CSFB, Paterno was rumoured to be in line for a top govenrment job following the impending resignation of Bangko Sentral ng Pilipinas Governor Rafael Carlos Buenaventura.

Paterno's resume also consists of 18 years with JPMorgan that climaxed with the position of managing director and head, Philippine investment banking, which he held from 1998 to 2002. His JPMorgan tenure also took him to New York and Hong Kong.

The other new recruit to the Manila office of CSFB is Chiqui Huang, who joins as a director and will undoubtedly draw on her extensive investment banking and corporate finance experience. Already reporting for duty at CSFB, she brings 19 years of experience from JPMorgan.

Moving to a new role for CSFB is Joselito Sibayan, the firm's current country manager, who becomes vice chairman of investment banking, Philippines. He will continue working on existing projects and will now also focus on major transactions and senior clients in the Philippines, as well as other key parts of the region. He will also report to Varvel.

In recent times, the CSFB Philippines franchise has received numerous accolades and in July, acted as joint book runner on the Republic of the Philippines Euro350 million re-opening of its existing 9.125% bond.

"With these key hires, CSFB is significantly increasing its profile in the Philippines," states Varvel. "We are optimistic about the country's prospects and want to manifest our long-term commitment."