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November 22, 2021

VP Bank strengthen Asia focus with new Hong Kong office

By Verdict Staff

VP Wealth Management (Hong Kong), a subsidiary of the Liechtenstein-headquartered VP Bank, has opened a new office in Hong Kong.

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Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

The move is part of the lender’s strategy to tap the evolving wealth in the Asian countries and is in line with its Strategy 2026 to further expand its growth in the regions.

The new Hong Kong office will accommodate more than double of the VP Bank’s current workforce in the country, according to VP Bank chief of Staff Asia Heline.

Lam said: “In line with the Group’s Strategy 2026 and to support our vision in Asia, we have committed to a new office space in Hong Kong’s core central district. This office space, which comprises our own floor, allows us to accommodate more than double our headcount.”

Asian ambitions

VP Bank has been serving wealthy private clients through its wealth unit for the last 15 years.

As part of the Strategy 2026, the bank aims to fuel its growth through servicing of intermediaries and private clients.

It is looking to become an open wealth services provider by setting up a platform that combines traditional banking activities with the digital ecosystem.

VP Bank recently established Asia Management Committee (Asia Manco) integrating its Singapore and Hong Kong unit.

Commenting on the latest development, VP Wealth Management Hong Kong head Reto Marx said: “Asia represents one of the top priorities in the Group’s Strategy 2026. In Central Hong Kong, our modernised office space will accommodate for growth and scale. We are fully committed to this region and continue to invest and re-energise our business model in order to cater to our clients’ evolving wealth management needs.”

In March this year, VP Bank took a 3.4% equity stake in Chinese wealth manager Hywin as part of an ongoing partnership between both parties.

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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