Highlighting the growing importance of the Asia, the CEO of VP Bank in Singapore, said he planned to significantly increase staff numbers.
Bruno Morel, who joined the Liechtenstein headquartered bank's local unit from French banking group CIC, earlier this year, was speaking at a media briefing in Singapore.
VP Bank (VP), which has been in the Lion City since 2008, after establishing a presence in Hong Kong in 2007, currently employs in the region of 40 employees in its Singaporean office, and has a full merchant bank licence.
Asian Expansion Gets Support
A priority for the bank is adapting the organisation of the strategically important intermediary business to the revised market and customer-orientated focus, as well as a new information platform for intermediaries.
VP has developed a strong franchise in the intermediary business which has grown as more independent asset managers are established throughout the region.
The fact that the team in Singapore has been reinforced highlights the growing importance of the Asian market to VP.
«We Need People»
«We have the products and the full backing from head office, what we need is people, specialists for every market we focus on,» Morel said.
From its Singapore base VP serves the bank's Asian target markets including Hong Kong, Indonesia, Philippines, Malaysia, Thailand and the local Singaporean market.
The bank in its presentation also said it did not rule out an acquisition in order to accelerate growth in the region.
