1956–1962

World events

  • 1956

    Hungarian Revolution and invasion by the Soviet Army • Elvis Presley finds fame with “Hound Dog” • Global population reaches 2.8 billion

  • 1957

    The world enters the age of space exploration with the launch of the first artificial earth-orbiting satellite Sputnik 1 in the USSR • The Treaty of Rome establishing the European Economic Community (EEC) is signed • The European Atomic Energy Community (Euratom) is established • The Fiat 500 is launched on the market

  • 1958

    The satellite Explorer I is launched in the USA • The Equal Rights Act is passed in Germany

  • 1959

    The revolution in Cuba is successful, and Fidel Castro becomes President • Tibetan uprising: China annexes Tibet, and the Dalai Lama flees to India • A referendum in Switzerland on women’s suffrage is rejected

  • 1960

    The European Free Trade Association (EFTA) is established • The contraceptive pill is introduced to the market • The laser beam is invented

  • 1961

    The Berlin Wall is built by the GDR • John F. Kennedy becomes President of the United States • The Vostok spacecraft embarks on the first human space flight • Audrey Hepburn plays the leading role in Breakfast at Tiffany’s

  • 1962

    The Cuban Missile Crisis between the USA and the USSR is caused by the deployment of Soviet ballistic missiles • Second Vatican Council opens in Rome (and closes in 1965) • Marilyn Monroe commits suicide • First James Bond film, Dr. No • The exhibition of Andy Warhol’s Campbell’s Soup Cans opens

Financial centre

  • 1956

    Up until 1956, there are only two banks in Liechtenstein: Liechtensteinische Landesbank (LLB) as a public-law institution and the private Bank in Liechtenstein AG (BiL).

  • 1960

    Switzerland joins the EFTA: due to the customs union, the agreement is also applied to Liechtenstein, which is not permitted to become an independent member.

  • 1961

    Liechtenstein’s first banking law comes into force on 27 January.

VP Bank: An aspirational mindset

  • 1956

    Princely Councillor of Commerce Guido Feger (1893–1976), owner of Allgemeines Treuunternehmen (ATU) in Liechtenstein, receives a license to “run a banking business” on 4 April. As this license is initially tied to Feger personally, the Bank has to refrain from conducting domestic transactions in order to avoid finding itself in competition with the LLB. On 6 April, Guido Feger founds Verwaltungs- und Privat-Bank Anstalt with an initial capital of CHF 2 million.

  • 1957

    Olaf Walser (ATU), the long-time closest confidant of the founder Guido Feger, is appointed as VP Bank’s first authorised officer. In January 1963, he is elected to the Board of Directors, of which he remains a member until 2001; he assumes the role of Vice Chairman for a quarter of a century.

  • 1960

    Princely Councillor of Commerce Dr Heinz Batliner takes over as General Manager and makes a decisive contribution to various aspects at the Bank.

    Olaf Walser obtains a license for the operation of a currency exchange office and thus helps the ambitious VP Bank to open a counter at Städtle 14, Vaduz.

  • 1962

    In accordance with the provisions of the new Banking Act, the Verwaltungs- und Privat-Bank Anstalt is converted into a joint-stock corporation at the end of the year. The equity capital is owned by the “Stiftung Fürstl. Kommerzienrat Guido Feger” foundation, with which the founder provides the shareholder base with a solid foundation that lasts beyond his lifetime.

1963–1969

World events

  • 1963

    Murder of John F. Kennedy • The first cassette recorder (Philips) is launched on the market • The civil rights movement gets under way in the USA: Martin Luther King holds his “I have a dream” speech

  • 1964

    Nelson Mandela is sentenced to life imprisonment on Robben Island • Segregation formally comes to an end in the USA with the signing of the Civil Rights Act

  • 1965

    Spacewalk: a cosmonaut leaves the spaceship for the first time • Recognition of the American Pop Art movement increases through the work of Roy Lichtenstein and Andy Warhol • Bob Dylan releases “Like a Rolling Stone” and the Rolling Stones “Satisfaction”

  • 1966

    The Cultural Revolution is set in motion in China by Mao Zedong (Red Guards) • The Toyota Corolla, the world’s best-selling car, is launched • “Yellow Submarine” is released by the Beatles

  • 1967

    The age of the colour television begins • The world’s first cash machine is put into use in the UK town of Enfield • The Six-Day War between Israel and Egypt, Jordan and Syria is a new climax in the Middle East conflict • Bob Dylan releases his first album, Greatest Hits

  • 1968

    The Prague Spring comes to a bloody end as a result of military intervention by the Warsaw Pact • The student movement of the 1968 generation reaches a climax

  • 1969

    Apollo 11 lands the first humans on the moon • Payment transactions are revolutionised by the introduction of the chip/debit card • The hippie movement reaches a climax with the Woodstock music festival • The Pippi Longstocking story is filmed

Financial centre

  • 1964

    The agreement between the Swiss National Bank and the Swiss Bankers Association to prevent the inflow of foreign funds declares Liechtenstein a foreign country in terms of currency.

  • 1965

    The Liechtenstein government passes similar deflationary measures to those passed by Switzerland one year earlier in order to avoid being considered a foreign country in currency terms.

  • 1967

    Liechtenstein introduces a coupon tax of 3 per cent.

  • 1969

    The Liechtenstein Bankers’ Association is established.

VP Bank: Tailwind

  • 1963

    VP Bank publishes a printed annual report for the first time for the 1963 financial year

  • 1964

    VP Bank gains in prestige: it is admitted to the Swiss Bankers Association in 1965 and to the Association of Swiss Exchanges in 1966

  • 1967

    The tying of the banking license to the founder and the time limit imposed on VP Bank are lifted by the Liechtenstein Landtag. In return, the Bank undertakes to ensure that at least 60 per cent of the voting rights and 51 per cent of the share capital remain under the legal and economic ownership of Liechtenstein citizens at all times.

  • 1968

    VP Bank and Allgemeines Treuunternehmen (ATU) establish the Treuhand-Personalstiftung as an endowment fund with an initial injection of CHF 1 million.

  • 1969

    VP Bank is the first bank in Liechtenstein to introduce a salary account for cashless payment transactions – named the “personal account” – as well as the Swiss Cheque. In doing so, the Bank has its finger firmly on the pulse of the times.

1970–1979

World events

  • 1970

    The Beatles release Let It Be, going on to break up the same year • Willy Brandt kneels during a visit to a monument in Warsaw and asks Poland for forgiveness for the Second World War

  • 1971

    Women gain the right to vote at federal level in Switzerland • The organisations Doctors Without Borders and Greenpeace are established • The first e-mail is sent in Cambridge, USA

  • 1972

    The Palestinian terrorist organisation Black September carries out an attack at the Summer Olympics in Munich • Sales of the VW Beetle reach 5 million, a record for the automotive industry • Watergate scandal under President Richard Nixon

  • 1973

    The oil crisis is triggered by the Yom Kippur War, with Arabic countries boycotting Western industrialised countries • The World Trade Center is opened in New York • Genetic engineering is born at Stanford University • General Pinochet seizes power in a military coup in Chile

  • 1974

    The Watergate scandal sees the resignation of US President Richard Nixon

  • 1975

    The Vietnam War comes to an end • The global population passes the four-billion mark • The death of General Franco marks the end of Spanish dictatorship, and Juan Carlos becomes King of Spain • Bob Marley achieves international success with “No Woman, No Cry” • The smiling sun becomes the logo of the anti-nuclear movement

  • 1976

    The first Apple personal computer becomes available on the market

  • 1977

    A wave of terror by the Red Army Fraction, a German far left militant group, reaches a climax in the German Autumn • The film Rocky receives an Oscar • Film premiere of Star Wars with Darth Vader

  • 1978

    The Polish Karol J. Wojtyla is chosen to become Pope John Paul II • The first IVF baby is born in Oldham in the UK • The first ascent of Mount Everest without oxygen is made by Reinhold Messner and Peter Habeler

  • 1979

    Margaret Thatcher becomes the first female head of government in Europe • Mother Teresa receives the Nobel Peace Prize • The Sony Walkman is launched • The Islamic Republic is proclaimed by the Ayatollah Khomeini

Financial centre

  • 1972

    The Swiss Federal Council approves measures aimed at preventing the inflow of foreign money and once again declares Liechtenstein a foreign country in terms of currency. The Liechtenstein government decides to coordinate its own currency policy with that of Switzerland and is once again accepted back into the fold.

  • 1977

    The Chiasso scandal becomes a watershed in the history of Switzerland as a financial centre and its banking secrecy. In response to the scandal, the Swiss banks conclude a Due Diligence Agreement. A similar agreement is signed by the Liechtenstein banks.

  • 1978

    The European Monetary System (EMS) is established.

  • 1979

    In response to the Chiasso scandal, the Social Democratic Party of Switzerland (SP) and the Swiss Federation of Trade Unions launch an initiative “against the abuse of banking secrecy and the power of the banks”. The initiative is clearly rejected in May 1984.

VP Bank: Turbulent weather

  • 1970

    In a further first for Liechtenstein, VP Bank puts an ATM into operation in 1970 and introduces the night safe.

  • 1971

    As the first Liechtenstein bank to do so, VP Bank joins the Swiss bank clearing system. Clients and the Bank immediately benefit from quicker payment processing.

  • 1973

    Together with Allgemeines Treuunternehmen (ATU), VP Bank purchases an IT system and on 1 April 1975 introduces electronic data processing.

  • 1974

    Within the framework of a capital increase the “Stiftung Fürstl. Kommerzienrat Guido Feger” foundation only exercises half of its subscription rights in support of new shareholders. As the first bank in Liechtenstein to do so, VP Bank opens itself up and gives up shares to the public and its employees.

  • 1975

    VP Bank receives a full license for the processing of all banking transactions. From this time on, the Bank also offers savings accounts, accounts for young persons, retirement savings accounts and mortgages.

  • 1976

    The founder of VP Bank, Princely Councillor of Commerce Guido Feger, dies on 1 September at the age of 83. His nephew, Dr Wolfgang Feger, becomes the new Chairman.

  • 1978

    VP Bank participates in the first Liechtenstein Industry, Commerce and Trade Exhibition (LIHGA) with the slogan “VPB – the Bank for everyone. Your Bank for everything”.

  • 1979

    In the form of Martin Hilti Familientreuhänderschaft (today known as U.M.M. Hilti-Stiftung) a second anchor shareholder is thus added.
    The counter hall at the Bank’s premises in Städtle, Vaduz, undergoes a lavish refurbishment.

1980–2000

World events

  • 1980

    The first Gulf War begins • The Olympic Winter Games in Moscow are boycotted by 65 nations • The Gotthard Tunnel is opened, which at 17 kilometres is the world’s longest road tunnel • Keith Haring becomes increasingly well known through his figure drawings

  • 1981

    AIDS becomes recognised as a disease in its own right • Prince Charles and Lady Diana are married • The Columbia space shuttle makes its maiden flight • Premiere of the musical Cats

  • 1982

    Helmut Kohl becomes Chancellor of Germany • Michael Jackson releases Thriller, which goes on to become his most successful album

  • 1983

    The compact disc (CD) becomes available on the market • The world’s first mobile phone is approved in the USA

  • 1984

    Elisabeth Kopp becomes the first woman to join the Swiss Federal Council • Ethiopia suffers a severe famine • The Macintosh 128K is launched

  • 1985

    The 17-year-old Boris Becker wins Wimbledon • A colour version of the game Tetris is launched on the market • The band Queen gives its legendary Live Aid performance

  • 1986

    A catastrophic nuclear disaster occurs in Chernobyl • The first successful laptop is launched by IBM

  • 1987

    The USA imposes a trade embargo on Iran • The Black Monday stock market crash sees the Dow Jones fall by 508 points in just a few hours • The MP3 format is invented • The global population passes the five-billion mark

  • 1988

    Soviet troops start to withdraw from Afghanistan • The first digital compact photo camera with a floppy disk for 50 photos is launched by Sony

  • 1989

    The Berlin Wall comes down • A massacre takes place on Tiananmen Square in Peking • The first Game Boy becomes a major success

  • 1990

    Mikhail Gorbachev becomes President of the USSR • German reunification • The civil war begins in Rwanda

  • 1991

    The Yugoslavia conflict begins • The World Wide Web (WWW) becomes available on a global scale • The second Gulf War begins

  • 1992

    The first GSM-compatible mobile phone is launched by Motorola

  • 1993

    Bill Clinton becomes President of the United States • The Kapellbrücke in Lucerne suffers a devastating fire

  • 1994

    Nelson Mandela becomes South Africa’s first black president, and the new constitution marks the end of apartheid • Michael Schumacher becomes the first Formula One World Champion, going on to win a further six titles • The Channel Tunnel between the UK and France is opened

  • 1995

    The Srebrenica massacre takes place • The Schengen Agreement comes into effect

  • 1996

    Dolly, the first cloned sheep, is born • The BSE crisis hits the UK

  • 1997

    Lady Diana and Mother Teresa pass away • Hong Kong returns to China • The East Asian economy is devastated by the Asian financial crisis

  • 1998

    The film Titanic receives an Oscar • The Kosovo War begins • The Internet search service Google is established

  • 1999

    The global population passes the six-billion mark • The IOC names 11 Athletes of the Century, including Carl Lewis (athletics), Annemarie-Moser Pröll and Jean-Claude Killy (skiing), Pelé (football), Steffi Graf (tennis) and Muhammad Ali (boxing)

Financial centre

  • 1980

    The currency agreement between Switzerland and Liechtenstein is signed. Swiss regulations regarding monetary, credit and currency policy also apply automatically to Liechtenstein.
    The government approves the reform of company law, aiming to ensure more effective control of corporate activity in order to prevent abuse.

  • 1981

    The currency agreement with Switzerland comes into effect, joining Liechtenstein with Switzerland in terms of currency, and securing its access to the Swiss capital market.

  • 1985

    The reserve currency reaches a peak level of 2.94 Swiss francs in February, falling to 1.11 Swiss francs by 1995.

  • 1988

    The Swiss Options and Financial Futures Exchange (SOFFEX) is opened as the world’s first fully electronic exchange for options.

  • 1989

    The Due Diligence Agreement is revised.

  • 1990

    The EU and the EFTA start negotiations regarding the European Economic Area (EEA.)

  • 1991

    In the 1990s, the Swiss financial centre undergoes far-reaching structural transformation that begins with the closure of the Spar- und Leihkasse Thun and reaches a climax with the merger of Union Bank of Switzerland and Swiss Bank Corporation in 1998 to form UBS.

  • 1992

    Liechtenstein receives a new law governing banks and financial institutions

  • 1995

    Switzerland and Liechtenstein introduce a value added tax that also applies to financial services.

  • 1996

    The electronic exchange SWX Swiss Exchange begins trading in Zurich. Due diligence in the acceptance of assets is regulated for the first time at the legislative level in Liechtenstein.
    An EU-compatible law on investment companies (investment funds) comes into force.

  • 1997

    In Switzerland, the Federal Act on Combating Money Laundering is approved. Banks from the EEA are now permitted to set up business in Liechtenstein.

  • 1999

    The euro is introduced as an accounting currency on 1 January. Guidelines on the management of dormant assets are introduced for Liechtenstein banks.

  • 2000

    The German Federal Intelligence Service (BND) accuses Liechtenstein of having colluded with organised crime in money laundering. The OECD’s Financial Action Task Force (FATF) on Money Laundering also takes a critical view of the country in this regard. The accusations are refuted by a special prosecutor. Liechtenstein responds by improving its anti-money-laundering regime and law enforcement.

VP Bank: The road to success

  • 1980

    The new VP Bank head office at Aeulestrasse 6, Vaduz, is built in the years preceding 1984.

  • 1982

    The share of total assets accounted for by equity increases to 10.3 per cent. This figure is significantly higher than the average for Swiss banks.

  • 1983

    On 7 March, VP Bank launches its own shares on the Zurich Exchange’s side market. In the form of the VP Bank shares, a Liechtenstein equity security is traded on an exchange for the first time.

  • 1984

    The spatial conditions for the 150 employees, which had been very cramped until this time, are improved significantly upon occupancy being taken of the prestigious new Bank building at Aeulestrasse 6, Vaduz.

    The International Advisory Board is created as a consultative body, which goes on to advise VP Bank until 2010.

  • 1987

    From 18 March, the VP Bank securities are traded on the main stock exchanges in Zurich, Basel, Geneva and St. Gallen. The participation capital is increased to CHF 30 million and participation certificates commence trading on the exchanges in Frankfurt a. M. and Munich.

  • 1988

    VP Bank strengthens its international activities. It establishes VP Bank (Luxembourg) SA, which receives a full license in 1989. In Zurich, the Bank sets up VPB Finance Ltd.

  • 1990

    On 20 April, the annual general meeting elects Princely Councillor of Commerce Dr Heinz Batliner as the first full-time Chairman of the VP Bank Board of Directors.

  • 1991

    To alleviate the need for space, VP Bank expands the main building in Vaduz between 1991 and 1994 with the new modernly designed “Giessen” building, where a trading centre is developed.

  • 1995

    Together with Allgemeines Treuunternehmen (ATU), VP Bank sets up VP Bank and Trust Company (BVI) Ltd as a joint venture on the British Virgin Islands. Its subsidiary, VP Bank (BVI) Ltd, receives its banking license on 29 September.

  • 1996

    Between 1996 and 1998, VP Bank’s top management undergoes a generation change. At the annual general meeting of 19 April, Princely Counsel Hans Brunhart, the long-time Liechtenstein head of government, takes over as Chairman of the Board of Directors from Heinz Batliner, who is appointed Honorary Chairman. The Executive Board is supplemented by the corporate planning area headed up by Fredy Vogt. In 1998, Dr Rolf Kormann hands over the position as Chairman of the Executive Board to Adolf E. Real.

  • 1999

    With “VP Link”, professional clients are given the opportunity to process their transactions electronically. This option is also provided to private clients from December 2000 with “more4u”. Both products are replaced by the “VP Bank e-banking” platform in 2004.

    IFOS Internationale Fonds Service Aktiengesellschaft, Vaduz, (today VP Fund Solutions (Liechtenstein) AG), is founded.

  • 2000

    In the 2000 financial year, VP Bank generates the best result since its foundation with a Group net income of CHF 197 million.

2001–2008

World events

  • 2001

    George W. Bush becomes President of the United States • The 9/11 terrorist attacks take place in New York • Swissair is grounded • The Internet and technology bubble bursts

  • 2002

    The trial of Slobodan Milošević, former President of Yugoslavia, opens at the International Criminal Tribunal in The Hague • Queen Elizabeth The Queen Mother dies at the age of 101

  • 2003

    The US intervention in Iraq begins • Saddam Hussein is toppled from power

  • 2004

    Thailand is hit by a devastating tsunami • The social network Facebook is launched • A further 10 states join the EU (now 25 members)

  • 2005

    Angela Merkel becomes the first female Chancellor of Germany • New Orleans is flooded as a result of Hurricane Katrina • The Airbus A380 makes its maiden flight • Google Maps is officially launched

  • 2006

    A Mozart Year is held to mark the 250th anniversary of the birth of Wolfgang Amadeus Mozart • Silvio Berlusconi is defeated in parliamentary elections and succeeded by Romano Prodi

  • 2007

    The first iPhone is a major success • Ban Ki-moon succeeds Kofi Annan as the UN Secretary General • The US subprime crisis begins

  • 2008

    The world’s most powerful particle accelerator is put into use at CERN • Roger Federer wins the World Sportsman of the Year award for the fourth time in a row

Financial centre

  • 2001

    The Due Diligence Act and a new withholding tax system for US securities come into effect.

    Liechtenstein is removed from the FATF’s blacklist in the middle of the year and the Financial Intelligence Unit (FIU) is established to investigate money laundering, organised crime and terrorist financing.

  • 2002

    Final transition to the euro – banknotes and coins are accepted as legal currency on 1 January.

    Liechtenstein concludes a legal assistance agreement with the USA.

  • 2005

    The Financial Market Authority (FMA) Liechtenstein is established.

    The EU reaches an agreement with Switzerland and Liechtenstein on the taxation of interest. Withholding tax is charged on interest payments to persons in the EU.

  • 2006

    The EU approves the Markets in Financial Instruments Directive (MiFID) aimed at harmonising the European financial market. The Asset Management Act comes into force in Liechtenstein and capital tax on fund assets is abolished.

  • 2007

    The Liechtenstein government launches the Futuro project aimed at securing the country’s future as a financial centre.

VP Bank: Differences in elevation

  • 2003

    The BZ group, which fell into difficulties in 2002, sells its share in VP Bank, which equates to 32.9 per cent of the capital and 15.2 per cent of the votes. VP Bank assumes the block of shares itself, destroys the majority of the securities and reduces the share capital from CHF 85.5 million to CHF 59.1 million.

  • 2004

    After a construction period of 3 years, VP Bank starts operations at the new service centre in Triesen, Liechtenstein, with 230 employees.

  • 2005

    Standard & Poor’s gives VP Bank an “A–“ rating. It is thus one of the few officially rated private banks in the Swiss franc region.

    VP Bank opens a Representative Office in Moscow.

  • 2006

    The reception hall at the client centre in Vaduz is refurbished and transformed into a feel-good oasis.

  • 2007

    VP Bank opens an asset management company in Hong Kong.

    The VP Bank Foundation is established to mark the Bank’s 50th anniversary in 2006.

  • 2008

    With the foundation of its banking subsidiary in Singapore, VP Bank Group is now represented in 7 locations.

    VP Bank has to report a negative Group result for the first time in its history.

2009–2012

World events

  • 2009

    Barack Obama becomes the first black president of the United States • Usain Bolt runs 100 metres in 9.58 seconds – creating a new world record • The electrically driven Segway is approved in Germany

  • 2010

    The Arab Spring gets under way • European air traffic is paralysed by the eruption of Icelandic volcano Eyjafjallajökull • An oil spill in the Gulf of Mexico is caused by an explosion on the Deepwater Horizon oil rig

  • 2011

    Intense discussions regarding renewable energies are held following the Fukushima nuclear disaster • Civil war breaks out in Libya and Syria • Osama bin Laden is killed • Amy Winehouse commits suicide

  • 2012

    The global population passes the seven-billion mark • The swimmer Michael Phelps becomes the most successful Olympian of all time with 22 medals

Financial centre

  • 2009

    Liechtenstein agrees to meet the OECD standard regarding the exchange of tax information and signs a total of 13 international agreements as early as 2009.

    Liechtenstein is now officially no longer a tax haven; the OECD removes Liechtenstein from its grey list.

  • 2010

    The government presents a savings package worth CHF 160 million.

  • 2011

    The Swiss National Bank defines a minimum exchange rate against the euro.

VP Bank: Stamina

  • 2009

    The Board of Directors confirms the Bank’s basic strategic focus. Its core competencies include the intermediaries business as well as international private banking. In Liechtenstein and the Eastern Switzerland region, the Bank also wants to be the preferred partner among business, credit and retail clients.

    In mid-2009, CEO Adolf E. Real leaves VP Bank after over 26 years with the company.

  • 2011

    VP Bank is preparing for the challenges of the future. Luxembourg is the final Bank subsidiary to begin working with the new Avaloq banking software. This will make it easier and more efficient to provide products and services for VP Bank Group, as well as to accommodate the individual requirements of each client.

  • 2012

    The Chairman of the Board of Directors and Princely Counsel Hans Brunhart hands over his position to Fredy Vogt, who has performed various management functions at VP Bank since 1987. Hans Brunhart served on the VP Bank Board of Directors for 18 years, including 16 years as Chairman.

2013–2016

World events

  • 2013

    A whistle-blowing scandal is triggered by Edward Snowden • Pope Benedict XVI becomes the first pope in history to resign, and is succeeded by Pope Francis as the world’s first Latin American pontiff

  • 2014

    Unrest in Ukraine leads to the annexation of the Crimea by Moscow • A caliphate is declared by the Islamic State • The Ebola virus takes on epidemic proportions in West Africa

  • 2015

    Refugees stream into Europe • Nepal experiences a devastating earthquake • The Apple Watch is launched on the market • The face-with-tears-of-joy emoji is named Word of the Year by Oxford Dictionaries • The Peace for Paris logo is introduced as a sign of solidarity following the terrorist attacks

  • 2016

    David Bowie dies

Financial centre

  • 2013

    In a declaration, the government commits to further international tax cooperation and active participation regarding the development and application of the international standard on the exchange of information.

  • 2014

    The Liechtenstein banks revise the existing tax compliance guideline and introduce additional due diligence requirements.

    Banking secrecy for American taxpayers is abolished in May 2014 with the signature of the FATCA agreement with the US.

  • 2015

    In the process of implementing the automatic exchange of information, Liechtenstein, along with other OECD countries, is one of the group of early adopters that are already complying with this new standard from 2016.

    2015 saw significant movement in the markets, brought on by a number of far-reaching decisions on the part of the central banks, such as the European Central Bank’s (ECB) bond purchase programme, or the lifting of the minimum euro exchange rate by the Swiss National Bank (SNB).

VP Bank: Turbulent weather

  • 2013

    VP Bank takes 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, Luxembourg.

  • 2014

    The annual general meeting approves the proposal to change the name from “Verwaltungs- und Privat-Bank Aktiengesellschaft”, which had been the name used until this time, to “VP Bank AG”. This clear and succinct name will be more easily understood and match the brand name “VP Bank”.

  • 2015

    VP Bank merges with Centrum Bank, at the time the fourth-largest financial institution in Liechtenstein. The Marxer Foundation for Bank and Company Values, which until 7 January 2015 was the sole shareholder of Centrum Bank, acquired a stake in the Bank as an anchor shareholder with a value equivalent to the CHF 60 million purchase price for Centrum Bank.

    With the drafting of Strategy 2020 in mid-2015, the Board of Directors of VP Bank adapts its three medium-term goals. By 2020, client assets under management, which stood at CHF 34.8 billion at the end of 2015, are expected to increase to CHF 50 billion, while Group net income is projected to increase to CHF 80 million and the cost/ income ratio to reach under 70 per cent.

    The two public fixed-price offers for the repurchase of own bearer shares and registered shares are successful. Following completion of the second share repurchase, VP Bank now holds 601,500 own bearer shares and 125,912 own registered shares. It therefore owns over 9.28 per cent of the share capital, with voting rights totalling 6.05 per cent. The repurchased shares will be used for future acquisitions or for treasury management purposes.

  • 2016

    On 6 April 2016, VP Bank will celebrate its 60th anniversary.

1956–1962

World events

  • 1956

    Hungarian Revolution and invasion by the Soviet Army • Elvis Presley finds fame with “Hound Dog” • Global population reaches 2.8 billion

  • 1957

    The world enters the age of space exploration with the launch of the first artificial earth-orbiting satellite Sputnik 1 in the USSR • The Treaty of Rome establishing the European Economic Community (EEC) is signed • The European Atomic Energy Community (Euratom) is established • The Fiat 500 is launched on the market1958 • The satellite Explorer I is launched in the USA • The Equal Rights Act is passed in Germany

  • 1959

    The revolution in Cuba is successful, and Fidel Castro becomes President • Tibetan uprising: China annexes Tibet, and the Dalai Lama flees to India • A referendum in Switzerland on women’s suffrage is rejected

  • 1960

    The European Free Trade Association (EFTA) is established • The contraceptive pill is introduced to the market • The laser beam is invented

  • 1961

    The Berlin Wall is built by the GDR • John F. Kennedy becomes President of the United States • The Vostok spacecraft embarks on the first human space flight • Audrey Hepburn plays the leading role in Breakfast at Tiffany’s

  • 1962

    The Cuban Missile Crisis between the USA and the USSR is caused by the deployment of Soviet ballistic missiles • Second Vatican Council opens in Rome (and closes in 1965) • Marilyn Monroe commits suicide • First James Bond film, Dr. No • The exhibition of Andy Warhol’s Campbell’s Soup Cans opens

Financial centre

  • 1956

    Up until 1956, there are only two banks in Liechtenstein: Liechtensteinische Landesbank (LLB) as a public-law institution and the private Bank in Liechtenstein AG (BiL).

  • 1960

    Switzerland joins the EFTA: due to the customs union, the agreement is also applied to Liechtenstein, which is not permitted to become an independent member.

  • 1961

    Liechtenstein’s first banking law comes into force on 27 January.

VP Bank: An aspirational mindset

  • 1956

    Princely Councillor of Commerce Guido Feger (1893–1976), owner of Allgemeines Treuunternehmen (ATU) in Liechtenstein, receives a license to “run a banking business” on 4 April. As this license is initially tied to Feger personally, the Bank has to refrain from conducting domestic transactions in order to avoid finding itself in competition with the LLB. On 6 April, Guido Feger founds Verwaltungs- und Privat-Bank Anstalt with an initial capital of CHF 2 million.

  • 1957

    Olaf Walser (ATU), the long-time closest confidant of the founder Guido Feger, is appointed as VP Bank’s first authorised officer. In January 1963, he is elected to the Board of Directors, of which he remains a member until 2001; he assumes the role of Vice Chairman for a quarter of a century.

  • 1960

    Princely Councillor of Commerce Dr Heinz Batliner takes over as General Manager and makes a decisive contribution to various aspects at the Bank.

    Olaf Walser obtains a license for the operation of a currency exchange office and thus helps the ambitious VP Bank to open a counter at Städtle 14, Vaduz.

  • 1962

    In accordance with the provisions of the new Banking Act, the Verwaltungs- und Privat-Bank Anstalt is converted into a joint-stock corporation at the end of the year. The equity capital is owned by the “Stiftung Fürstl. Kommerzienrat Guido Feger” foundation, with which the founder provides the shareholder base with a solid foundation that lasts beyond his lifetime.