Segments
Structure
Changes in the organisational structure of VP Bank Group were made as of 1 July 2013. VP Bank Group has since this date been split into the business segments “Client Business Liechtenstein”, “Client Business International”, “Chief Operating Officer” and “Corporate Center”. As already announced in the 2013 semi-annual report of VP Bank Group, the two client-focused business segments “Banking Liechtenstein & Regional Market” and “Private Banking International” were merged into a new organisational unit “Client Business” as from 1 July 2013. For the purposes of segment reporting, this organisational unit which is under the leadership of Christoph Mauchle is divided into the two business segments “Client Business Liechtenstein” and “Client Business International”. The prior-year comparative figures for segment reporting were restated retroactively. Further information about the segments can be found here.
Client Business Liechtenstein
The Client Business Liechtenstein business segment encompasses international private banking and the business with intermediaries, as well as the universal banking and credit-granting businesses located in Liechtenstein. The business units of VP Bank Vaduz which are in direct client contact are allocated to this business segment.
Segment results
| 2013 | 2012 |
Total net operating income (in CHF million) | 121.3 | 115.5 |
Income before income tax (in CHF million) | 59.8 | 48.9 |
Client assets under management (in CHF billion) | 17.7 | 17.8 |
Headcount (number of employees) | 115 | 115 |
Chief Operating Officer
The Chief Operating Officer business segment is responsible for banking operations. It encompasses the business units Group Investment & Trading Center, Group Operations, Group Information Technology and Logistics & Security of the entire VP Bank Group. In addition, IFOS Internationale Fonds Service Aktiengesellschaft and VPB Finance S.A. are allocated to the COO.
Segment results
| 2013 | 2012 |
Total net operating income (in CHF million) | 8.6 | 10.3 |
Income before income tax (in CHF million) | –25.2 | –25.7 |
Client assets under management (in CHF billion) | 1.2 | 1.1 |
Headcount (number of employees) | 281 | 287 |
Client Business International
The Client Business International business segment encompasses the private-banking business in international locations. VP Bank (Switzerland) Ltd., VP Bank (Luxembourg) S.A., VP Bank (BVI) Limited, VP Bank (Singapore) Ltd. and VP Wealth Management (Hong Kong) Ltd. are allocated to this business segment.
Segment results
| 2013 | 2012 |
Total net operating income (in CHF million) | 59.9 | 62.2 |
Income before income tax (in CHF million) | –3.5 | 4.8 |
Client assets under management (in CHF billion) | 11.5 | 9.3 |
Headcount (number of employees) | 234 | 209 |
Corporate Center
The Corporate Center includes the areas Group Business Development, Group Human Resources Management, Group Communications & Marketing, Group Finance, Group Risk and Group Legal, Compliance & Tax. In addition, those revenues and expenses having no direct relationship to the operating divisions, as well as consolidation adjustments are reported under the Corporate Center.
Segment results
| 2013 | 2012 |
Total net operating income (in CHF million) | 49.5 | 47.3 |
Income before income tax (in CHF million) | 6.9 | 22.8 |
Client assets under management (in CHF billion) | 0.2 | 0.2 |
Headcount (number of employees) | 134 | 127 |