Credit: Amenoc / Wikimedia Commons.

VP Wealth Management (Hong Kong), a subsidiary of the Liechtenstein-headquartered VP Bank, has opened a new office in Hong Kong.

The move is part of the lender’s strategy to tap the evolving wealth in the Asian countries and is in line with its Strategy 2026 to further expand its growth in the regions.

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The new Hong Kong office will accommodate more than double of the VP Bank’s current workforce in the country, according to VP Bank chief of Staff Asia Heline.

Lam said: “In line with the Group’s Strategy 2026 and to support our vision in Asia, we have committed to a new office space in Hong Kong’s core central district. This office space, which comprises our own floor, allows us to accommodate more than double our headcount.”

Asian ambitions

VP Bank has been serving wealthy private clients through its wealth unit for the last 15 years.

As part of the Strategy 2026, the bank aims to fuel its growth through servicing of intermediaries and private clients.

It is looking to become an open wealth services provider by setting up a platform that combines traditional banking activities with the digital ecosystem.

VP Bank recently established Asia Management Committee (Asia Manco) integrating its Singapore and Hong Kong unit.

Commenting on the latest development, VP Wealth Management Hong Kong head Reto Marx said: “Asia represents one of the top priorities in the Group’s Strategy 2026. In Central Hong Kong, our modernised office space will accommodate for growth and scale. We are fully committed to this region and continue to invest and re-energise our business model in order to cater to our clients’ evolving wealth management needs.”

In March this year, VP Bank took a 3.4% equity stake in Chinese wealth manager Hywin as part of an ongoing partnership between both parties.