Important developments in 2014

“Apollo”

At the Key Management Meeting in January 2014, the qualitative and quanti­­tative targets are determined and the green light is given for the start of the “Apollo” project. The goals of the project: solidifying a clearly defined position in the private banking and intermediaries business, optimising the product and service offers in the client segments and tapping efficiency potential.

 VP Bank (Luxembourg) SA – New Chief Executive Officer

After 20 years of activity on behalf of the firm, Yves de Vos leaves VP Bank (Luxembourg) SA. Thomas Steiger is named successor to Mr de Vos as Chief Executive Officer, effective as of 1 February 2014.

VP Bank Group reports 2013 consoli­dated net income amounted to CHF 38.7 million. Revenues continued to rise and costs were reduced yet again. In the 2013 financial year, VP Bank Group recorded a net inflow of CHF 965 million in new client money. 

The new marketing slogan of VP Bank is “Safely ahead.” and derives from the Bank’s brand promise. It serves to emphasise that VP Bank, as a flexible and rapidly responding private bank, offers its clients the highest degree of security. The slogan is presented to the public simultaneously with the launch of a new advertising campaign.

All proposals put forth by the Board of Directors are approved at the 51st annual general meeting of VP Bank in Vaduz. Dr Beat Graf and Michael Riesen are elected as new Board members. The proposals for changing the company name to “VP Bank Ltd” as well as for distributing a significantly higher dividend are also approved. 

VP Bank invites interested share­holders, investors and analysts to an Investors’ Day in Liechtenstein.

In late 2013, VP Bank (Switzerland) Ltd decided as a precautionary measure to participate in Category 2 of the US programme aimed at settling the tax dispute between Swiss banks and the United States. Exhaustive internal clarifications and third-party expert opinions revealed that there was no rationale for further participation in the US programme. As a result, VP Bank (Switzerland) Ltd withdraws from the US programme and reverses the previously established provision with effect as of 30 June 2014

VP Bank broadens its social media presence and now interacts with the public via XING, LinkedIn, Twitter, Wikipedia and YouTube.

For the first half of 2014, VP Bank Group reports consolidated net income of CHF 11.1 million. Versus the comparable prior-year period, increases were recorded in both client assets and adjusted operating earnings.

On 30 April 2014, rating agency Standard & Poor’s adjusts its outlook for VP Bank Group together with further banks from “Stable” to “Negative” and reconfirms that status on 8 August 2014. However, in its report, S&P highlights the outstanding capital strength, client base and shareholder structure of VP Bank.

Katharina Vogt-Schädler steps down from the Executive Board of VP Bank (Switzerland) Ltd to take over as Chief Executive Officer of VP Bank (BVI) Ltd.

Jean-Michel Brunie takes over as head of VP Bank’s representative office in Moscow.

With its new version of e-banking mobile, VP Bank offers smartphone and tablet users the possibility to stay automatically updated on activities of their choice by means of push notifications. Clients can compose a list of the news categories that interest them most.

In the annual Fuchsbriefe review of banks in the German-speaking region of Europe, VP Bank is classified as “Recommendable” and ranks amongst the top five in the country-specific list. 

Within the scope of VP Bank Foundation’s annual “Lichtblick” donation campaign, the foundation contributes generous sums to Liechtenstein institutions involved in social and charitable work.

After 15 years of service to the company, Rolf Diderrich decides to leave VPB Finance S.A. for effect as of 31 December 2014. Eduard von Kymmel takes over responsibility for all of VP Bank Group’s fund-related businesses in Luxembourg and Liechtenstein as of 1 January 2015.

Continuing its strategy of growth through acquisitions, VP Bank Group is to take over Centrum Bank of Vaduz, Liechtenstein, in a merger. VP Bank takes over all Centrum Bank shares in January 2015 and executes the merger in the ensuing months. The Marxer Foundation for Bank Values, currently the sole shareholder of Centrum Bank, is acquiring an interest in VP Bank at the purchase price and is thus becoming an anchor shareholder.