Liechtenstein-based VP Bank will reportedly look to close its Hong Kong office after the resignation of its Asia CEO and operations chief. This follows the exit of global CEO Paul Arni just several months ago.
VP Bank will shut down its Asia office following the resignation of Asia CEO Pamela Hsu and chief operating officer Heline Lam, according to a «Nikkei» report citing unnamed sources. The resignations are believed to be due to differences in expectations from the bank’s Liechtenstein headquarters.
The bank is already in discussions with Hong Kong regulators. It is unclear when the office, which houses nine staff and has been operating since 2006, will close.
Focus via Singapore
The bank said that there will be no changes to existing customers while it will continue to focus on the Asia market through its Singapore operation.
It also noted that the intermediary business in the region has achieved double-digit growth in recent years.
Surprise Exits
Phua’s resignation follows her recent appointment to the expanded role of Singapore branch head in May 2024, succeeding Johnny Heng, in addition to her existing role as Asia CEO.
In May, the bank also saw the sudden exit of global CEO Paul Arni.
Halved Profit
Also in May, VP Bank issued an interim management statement highlighting a 50 percent year-on-year profit plunge in the first four months of 2024, mainly due to lower interest income.
«The development and investment phase with respect to Strategy 2026 is complete. VP Bank is now focused on implementing substantial efficiency measures in order to lower the cost base over the long term and reduce complexity,» the bank said, adding that a corresponding set of new measures would be presented in the semi-annual results.
