As a result of the merger with Centrum Bank, Liechtenstein's VP Bank Group is expecting a substantially higher group net income, in comparison to the previous year.
VP Bank acquired Centrum Bank, of Vaduz, in 2015. The takeover comprised total assets of around 6 billion francs, which increased VP Bank Group’s client and custody assets to around 46 billion francs.
At the end of 2015, client assets under management at VP Bank Group amounted to 34.8 billion francs. This corresponds to an increase of around 12 percent on the previous-year level of 30.9 billion francs.
As a result of the move VP Bank Group ended the past financial year with a substantially higher Group net income of about 64 million francs. Net income for 2014 reached 20 million francs.
In late 2012 the Liechtenstein-based bank decided to retreat from private banking in Asia.
At that time, after senior board changes, the group decided the major focus for VP Bank in Singapore and Hong Kong would be on growing the intermediaries’ business. The status quo at the Singapore banking location, as the banks hub in the Asia/Pacific region was maintained.
