Important developments in 2013

The Board of Directors of Verwaltungs- und Privat-Bank Aktiengesellschaft elects Alfred W. Moeckli to become Chief Executive Officer (CEO) of VP Bank Group. He will take up his new position as of 1 May 2013. 

VP Bank Group posts a significant increase in consolidated net income, up to CHF 47.2 million in 2012. Earnings are up 8 per cent, while costs are down 14.5 per cent.

All proposals put forth by the Board of Directors were approved at the 50th annual general meeting of shareholders in Vaduz. Dr Guido Meier and Markus Thomas Hilti are re-elected as members of the Board of Directors for a further three-year term of office. Roland Feger steps down from the Board of Directors.

As of 1 July 2013, the two client-oriented business segments “Banking Liechtenstein & Regional Market” and “Private Banking International” will be combined to create the new “Client Business” segment.

The new version of VP Bank’s e-banking mobile turns the smartphone into a mobile bank.

VP Bank is forging ahead with its growth strategy and taking over the private banking activities of HSBC Trinkaus & Burkhardt (International) SA as well as the private banking related fund business of HSBC Trinkaus Investment Managers SA. The completion of the transaction and the transfer of the around 20 employees are set to occur before the end of 2013. 

Christoph Mauchle is to become a member of Group Executive Management of VP Bank Group on 1 October 2013. In this capacity, he will be responsible for the newly created “Client Business” segment.

After more than six years of service, Reto Isenring will be leaving VP Bank (Singapore) Ltd. As of 1 September 2013, his successor will be Rajagopal Govindarajoo.

For the first half of 2013, VP Bank Group records consolidated net income of CHF 28.3 million. Versus the comparable prior-year period, operating earnings increased, while operating expenses were reduced yet again thanks to strict cost discipline.

The investment fund company IFOS, a subsidiary of VP Bank Group, becomes the second financial institution in Liechtenstein to receive a full alternative investment fund manager (AIFM) licence. This strengthens the company’s role as a leading provider of fund services in Liechtenstein.

As part of a strategic reorientation, the Board of Directors decides to divest VP Bank Group’s own fiduciary companies. The IGT Intergestions Trust reg. subsidiary in Vaduz will be tranched off within the framework of a management buyout in Vaduz; all employees will be retained by the existing company.

VP Bank Group is also reorganising the structures of its umbrella holding entity, VP Bank and Trust Company (BVI) Limited in Tortola (British Virgin Islands), which for years has been a joint venture between VP Bank and Liechtenstein’s Allgemeines Treuunternehmen (ATU). VP Bank Group will fully take over VP Bank (BVI) Limited and cede the remaining financial interests to Allgemeines Treuunter­nehmen (ATU). 

The Board of Directors of VP Bank (Schweiz) AG names Joachim Künzi as the subsidiary’s new Chief Executive Officer (CEO). He will take up his duties as of 1 October 2013.

Standard & Poor’s maintains its “A–” rating (A–/A–2) of VP Bank Group and boosts its outlook from negative to stable.

In connection with the VP Bank Foundation’s “Lichtblick” donation campaign, 36 Liechtenstein institutions involved in social and charitable work will be handed a total of donation of CHF 87,000.

As part of its determined efforts to orient the organisation towards changing econ­omic and market conditions, the Board of Directors of VP Bank Group makes a number of decisions regarding management and personnel. Group Executive Management will be merged with the Ex­ecutive Board at the Head Office in Vaduz in a dual role as of 1 January 2014. The organisational structure is to be streamlined in terms of personnel, and going forward will consist of the “Chief Executive Officer”, “Client Business” and “Chief Financial Officer & Banking Services” business units.

VP Bank (Schweiz) AG decides to participate in Category 2 of the US programme to settle the tax dispute between Swiss banks and the United States. This decision does not rule out the possibility of switching to Category 3 at a later date. The financial stability of the company will not be affected by this decision.

Detailed information can be accessed at www.vpbank.com - Investors & Media - Media releases