Segments
Structure
VP Bank Group consists of the three organisational units “Chief Executive Officer”, “Client Business” and “Chief Financial Officer & Banking Services”.
As previously, the organisational unit “Client Business” is divided into two business segments “Client Business Liechtenstein” and “Client Business International”. Both organisational units “Chief Executive Officer” and “Chief Financial Officer & Banking Services” are regrouped together under the business segment “Corporate Center“.
The prior-year comparative figures for segment reporting were restated retroactively. Further information about the segments can be found on the “Segment reporting“.
Client Business Liechtenstein
The business segment “Client Business Liechtenstein” encompasses international private banking and the business with intermediaries located in Liechtenstein, as well as the local universal banking and credit businesses. It includes the units of VP Bank Ltd, Vaduz, which are in direct contact with clients. In addition, Group Investment, Product & Market Management and IFOS Internationale Fonds Service AG are allocated to this business segment.
Segment results
| 2014 | 2013 |
Total net operating income (in CHF million) | 123.7 | 117.4 |
Income before income tax (in CHF million) | 48.2 | 47.5 |
Client assets under management (in CHF billion) | 19.5 | 18.9 |
Headcount (number of employees) | 157 | 163 |
Client Business International
The business segment “Client Business International” encompasses the private banking business in international locations. VP Bank (Switzerland) Ltd, VP Bank (Luxembourg) SA, VP Bank (BVI) Ltd, VP Bank (Singapore) Ltd., VP Wealth Management (Hong Kong) Ltd. and VPB Finance S.A. are allocated to this business segment.
Segment results
| 2014 | 2013 |
Total net operating income (in CHF million) | 79.8 | 74.2 |
Income before income tax (in CHF million) | 14.4 | 5.4 |
Client assets under management (in CHF billion) | 11.4 | 11.5 |
Headcount (number of employees) | 259 | 269 |
Corporate Center
The business segment “Corporate Center” is responsible for banking operations and the processing of business transactions. It encompasses the following areas: Group Operations, Group Information Technology, Group Finance & Risk, Group Treasury & Execution, Group Legal, Compliance & Tax, Group Human Resources Management, Group Communications & Marketing and Group Business Development. In addition, revenues and expenses that have no direct relationship to the operating divisions, as well as consolidation adjustments, are reported under the Corporate Center. The Corporate Center segment’s revenue-generating business activities are connected to the Group Treasury function. The results of the Group’s own financial investments, the structural contribution and the changes in the value of interest-rate hedges are reported in this segment.
Segment results
| 2014 | 2013 |
Total net operating income (in CHF million) | 19.2 | 47.8 |
Income before income tax (in CHF million) | –42.0 | –14.8 |
Client assets under management (in CHF billion) | 0.0 | 0.0 |
Headcount (number of employees) | 339 | 332 |