Liechtenstein-headquartered VP Bank is positioning itself as the alternative lender for intermediaries in Asia, which is benefiting from tailwinds linked to a historic intergenerational transferal of wealth.
Asia is undergoing a historic transfer of wealth from one generation to the next. In terms of billionaire wealth alone, an estimated $2.54 trillion is expected to exchange hands by 2030, according to a Wealth-X report in 2021.
«These are only the billionaire numbers. We haven't even included the multi-millionaire and millionaire numbers into this conversation,» said VP Bank Asia CEO Pamela Hsu Phua during a celebration of the lender’s 15th anniversary in its new Singapore office, attended by finews.asia.
Business Breakdown
According to the firm, its business is focused on traditional private banking and intermediaries with a roughly 50-50 split between the two segments. On the latter, it has ambitions to be the alternative bank for intermediaries in Asia and there are tailwinds ahead from the wealth transfer.
«In between the end-client who is a wealthy individual, there is an intermediary, whether it is a fiduciary or an external asset manager,» said VP Bank group CEO Paul Arni. «So with that, we have a multiplier effect.»
On talent, VP Bank said that it has been hiring in both Hong Kong and Singapore, mostly for intermediary-related roles while only recruiting opportunistically for private banking-related roles.
