VP Bank Group, a Liechtenstein-based private bank, has reported a rise in net income in 2019 and also made several changes in its organisational structure.
Performance highlights
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The private bank posted a net income of CHF73.5m for the year ended 31 December 2019, a 34% surge CHF54.7m in the prior year.
The bank’s client assets under management as of 31 December 2019 were CHF47.6bn, an increase of 15% from the previous year.
This was supported by net inflows of CHF2.3bn in 2019, compared to CHF3.2bn in 2018.
Operating expenses increased 5% to CHF244.8m from CHF232.3m over the period.
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By GlobalDataThe bank’s cost/income ratio was 67.6% at the end of December 2019, versus 75.8% in 2018.
Tier-1 ratio and leverage ratio were 20.2% and 7.1%, respectively.
VP Bank Group CEO Paul Arni said: “Our Strategy 2025 builds on the opportunities that open up for us thanks to our specialist know-how and outstanding networks. We use these to develop bespoke financial solutions for intermediaries and private clients.
“We will continue to build on this expertise and experience along three main approaches by developing our sites, increasing the responsiveness and efficiency of our operating platform and creating new investment opportunities for our clients.”
Organisational restructure
The bank’s front-related unit “Client Business” will now operate under the name “Intermediaries & Private Banking” and support functions at the international sites will be moved to the respective group responsibility.
The bank will also set up a “Local CEO Committee” to manage international activities.
The committee will include the local chiefs and the head of Intermediaries & Private Banking and will be headed by the group CEO.
The “Investment Solutions” unit will be rebranded as “Client Solutions”.
CIO Felix Brill and the “Group CIO & Sustainability” unit will move to the CEO unit. They will be in charge of incorporating sustainability aspects into the firm’s investment offering.
The changes will be effective from this July.
Board changes
The bank has proposed the re-election of Beat Graf and Michael Riesen to its board.
The name of Katja Rosenplänter-Marxer has also been proposed for the board.
Meanwhile, Teodoro Cocca is to quit the board on 24 April 2020.
Chairman replacement
VP Bank chairman Fredy Vogt will step down from the position, while continuing to sit on the board.
The board has proposed the name of Thomas Meier, currently the deputy chairman, as Vogt’s successor.
The bank plans to elect Meier as the chairman at the annual general meeting on 24 April 2020.
