Until recently Russia was a target market for the Liechtenstein-based bank. Now, it says it will follow sanctions strictly.
If a person is on the sanctions list or was to become listed, VP Bank would «of course terminate the relationship,» CEO Paul Arni said during Tuesday's earnings presentation. In the bank's 2020 report, Russia was defined as a «target market.»
Russian Contribution
The CEO estimated net new money amounts originating from its business with Central and Eastern European clients over the past few years at roughly 10 percent annually. Overall for 2021, new money inflow in the bank's core business came to 2.1 billion Swiss francs in 2021, the bank said in its earnings report.
The private bank's chair Thomas Meier, opened the media conference saying that VP Bank condemned Russia’s attack on Ukraine and that the bank stood behind the EU and Switzerland’s sanctions entirely.
