VP Bank is in the hands of stand-in CEO Urs Monstein following the abrupt exit of long-standing former boss Alfred Moeckli. Chairman Fredy Vogt tells finews.asia what he is looking for in a permanent replacement.
VP Bank wants to replace former CEO Alfred Moeckli as soon as possible. When?
We adjusted the job description and are roughly in the middle of the search process. We're taking the time necessary to find the best possible solution. The bank is operating as usual and our targets for 2019 are identified.
What's in the job description for your new CEO?
We're looking for someone who has already managed in the banking industry and has international experience. Also, strong leadership qualities and pronounced strategic abilities. Ideally, candidates will have experience with a private bank of a similar size to VP Bank.
Your interim CEO Urs Monstein possesses all these qualities. Does he have a head-start on competitors?
He wants to leave his options open, as do we. We wanted to signal to our management that both internal as well as outside candidates will be considered. Nothing has been decided yet.
Specifically, what does Urs Monstein's leaving his options open mean?
It's on me and the board to approach him proactively. We have ample time to observe how management works together and how he acts within the bank as well as outwards.
Again: Urs Monstein is managing a key cost project for VP Bank. Do you risk losing him if you don't offer him the top job?
I don't believe so. Urs Monstein wasn't looking for the CEO job. His strengths lie in digital topics, which was an important factor in us hiring him.
«Experience in international growth markets is very important for us in hiring a new CEO»
He's leading our digital strategy. He started well as our COO and seems to be very satisfied in that role.
You won considerable Asia expertise with the addition of ex-Julius Baer banker Thomas Meier to your board. Do you want regional experience in your new CEO too?
Experience in international growth markets is very important for us in hiring a new CEO. With Thomas Meier, we now have the expertise at board level in order to conduct a strategic discussion. We'd like more of this in our top management as well.
You've already begun with strategic planning for 2025. How can a new CEO contribute if they haven't been hired yet?
The timing is actually quite good. Management begins with planning for after 2020 this summer. We're already in the process, but the new CEO will certainly have the opportunity to contribute.
«We're reserved»
We're not going to set up a new strategy without a new CEO.
Crypto is an issue that many private banks are grappling with. How open is VP Bank with client requests for digital assets?
We're reserved. At the moment, VP Bank wouldn't be in a position to offer crypto-linked products. One has to be open for new developments, but keep the risks in mind.
Liechtenstein views itself as a blockchain hub and is drafting law to adapt. Are those developments going too quickly for your taste?
Liechtenstein's blockchain law ensures legal certainty. Ultimately the question will be how substantial client demand in the middle- and long-term is for crypto, and how much trust remains in traditional currencies. We're cautiously receptive.
Fredy Vogt has presided VP Bank since 2012. The 61-year-old has been with the Liechtenstein-based lender since 1987, when he began in finance and controlling. He advanced to top management in 1996 and was finance chief from 2003 until 2o12.
