VP Bank, a private banking institution headquartered in Liechtenstein, is planning to withdraw from the Hong Kong market while maintaining its operations in Singapore, according to a report by the Nikkei. This move signals a strategic shift in the bank’s approach to serving the Asian region.
The report further highlights that both the CEO and COO of VP Bank’s Hong Kong office have resigned from their positions at the headquarters. The bank had initially established its presence in Hong Kong in 2006, aiming to tap into the growing demand for private banking services in Asia, which led to the expansion of its business in both Hong Kong and Singapore.
While the timeline for the complete closure of the Hong Kong office remains uncertain, VP Bank has assured its clients through a recent letter that the closure will not impact their future business dealings. The bank also expressed continued confidence in the Asian market, noting the region’s impressive double-digit growth in recent years.
Founded in 1956, VP Bank manages client assets totaling CHF 46.4 billion as of the end of last year and employs around 1,000 staff members globally. The decision to retain its Singapore branch underscores the bank’s commitment to maintaining a presence in Asia despite the closure of its Hong Kong office.
