VP Bank has revealed that it will be concentrating on Singapore and discontinuing operations in Hong Kong.
The Asia-Pacific area is still significant to the group, according to the bank’s half year results.
Go deeper with GlobalData
Additionally to exploring new prospects from its Singapore headquarters, VP Bank will keep expanding and fortifying its footprint in private banking and intermediaries throughout Asia.
In general, the Asia region’s profitability should rise as a result of this emphasis on the bank’s advantages.
The company has effectively established a footing in the British Virgin Islands’ real estate financing segment, where it is experiencing consistent, long-term growth.
VP Bank also intends to capitalise on future synergies in asset servicing. The comprehensive offering as a one-stop shop in the funds arena helped the group to establish a strong foothold in this regard, resulting in double-digit growth.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataMeanwhile, the bank plans to discontinue client services like VP’s private market investments to improve the cost/income ratio. This will involve organisational adjustments and workforce reduction.
The restrictive hiring policy will allow staff turnover, but some terminations may occur, and the restructuring costs are expected to be CHF10-12m ($11m/$14m) in the second half of 2024.
There has also been modifications to the executive board and the board of directors.
The annual general meeting of 2024 chose Philipp Elkuch to serve another three-year term as chairman of the board and elected Dirk Klee as a new member.
Following the annual general meeting, Stephan Zimmermann was also chosen by the board of directors to be its new chairman. Thomas Meier chose not to run for re-election after serving as chairman of the board of directors for two terms and six years in total.
Furthermore, after five years, in May 2024, Paul Arni mutually gave Urs Monstein the position as group chief executive officer. Since May 2018, Monstein has served as VP Bank’s chief operating officer. He temporarily assumed the position of chief executive officer. The search is still underway for a replacement.
