VP Bank (Switzerland) has gained simplified access to Germany by obtaining an exemption from German financial watchdog BaFin.
Through the move, VP Bank (Switzerland) gains the ability to meet the needs of its Germany-based customers from its Swiss office.
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The exemption allows VP Bank to add new clients in Germany without establishing a permanent presence in the country or collaborating with licensed financial providers.
However, for all this, VP Bank has to ensure that anti-money laundering rules and other provisions to protect German consumers are in place.
To offer services in Germany, the bank needs to secure a supervisory certificate from FINMA.
VP Bank (Switzerland) CEO Antony Lassanianos said: “The exemption grants us significantly simplified access and improved conditions to develop the market in Germany.
“It will enable us to support our existing clients even more closely, while also actively attracting new private and institutional clients.
Set up in 1956, VP Bank delivers bespoke asset management as well as investment consultancy services.
The firm has branches in Vaduz, Zurich, Luxembourg, Singapore, Hong Kong and Road Town on the British Virgin Islands.
Notably, VP Bank recently signed an agreement with Hywin Wealth Management (China) to develop a Hong Kong-based collaboration platform for the wealthy in China.
