Liechtenstein-based VP Bank highlighted the key segments of focus in Asia, which is expected to be the fastest growing region in its international business.
At VP Bank, the international region which includes Europe and Asia is its second largest business unit. According to the Liechtenstein-based lender’s 2023 report, this unit recorded 15.2 billion Swiss francs ($17.3 billion) in assets under management and 146.5 million francs in operating income last year, though there was no breakdown between the two continents.
«The European private banking markets will continue to grow, albeit less strongly than the Asian markets,» the bank said.
Target Markets
Within Asia, VP Bank highlighted asset management and the intermediary business with external asset managers as the key segments of focus. It noted that the private banking business in Singapore «operated as a complement to [the latter] in order to make use of significant synergies between private banking and intermediary business».
The bank also named China, Indonesia, Malaysia, Taiwan and Thailand as its «defined target markets» in the region.
Offering, Headcount
Other areas highlighted for Asia include the addition of two advisory offerings «VP Bank Advice Comfort» and «VP Bank Advice Premium» – introduced in January 2023. The bank's regional headcount saw an increase of six employees.
Globally, the group's net income grew 10.1 percent year-on-year to 44.2 million francs in 2023. Client assets under management remained stable at 46.4 billion francs with net new money inflows totalling 27 million francs.
