The board of directors of Liechtenstein-based VP Bank Group has decided to spin off the group’s fiduciary businesses in order to focus strategically on the mid-level private banking segment and the financial intermediaries business.
The IGT Intergestions Trust reg. subsidiary in Vaduz will be divested by means of a management buyout and all of the current employees will be retained by the existing company.
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The move follows the firm’s strategic orientation to focus their efforts on acquiring and servicing target clients in the defined markets of Europe and Asia and to grow profitably as a globally positioned financial institution.
As a part of this, the specific markets, client segments, product offerings and services of VP Bank are continuously subjected to an in-depth analysis.
VP Bank Group also plans to integrate the structures of its local umbrella holding company, VP Bank and Trust Company (BVI) Limited (Tortola, British Virgin Islands), which has been operated as a joint venture with Liechtenstein-based Allgemeines Treuunternehmen (ATU).
Subject to official approval, VP Bank Group will completely acquire VP Bank (BVI) Limited and cede the remainder of the related financial interests to ATU.
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By GlobalDataAdditionally, as a part of the further orientation of VP Bank Group’s banking subsidiary in Zurich, Marcel Tschanz will be leaving VP Bank (Schweiz) AG after two years of activity.
Subject to FINMA approval, VP Bank (Schweiz) AG has named Joachim Künzi as the subsidiary’s new CEO, who will take up his role on 1 October 2013. Künzi was most recently CEO of BHF-Bank (Schweiz) AG.
