Liechtenstein-based VP Bank has hired a longstanding private banking veteran for the role of Singapore branch head.
Johnny Heng joins VP Bank as head of the Singapore branch, according to a statement, effective June 1.
Heng has more than 25 years of industry experience, most recently with asset-backed financing specialist EquitiesFirst as its head of Singapore. Previously, he also worked at Nomura, Coutts and Credit Suisse.
Heng will report to VP Bank’s Asia chief executive Pamela Hsu Phua.
Asia Expansion
In addition, Veronica Ong was named as the Singapore-based regional lead for marketing and communications. She was previously the head of marketing for Southeast Asia at Credit Suisse, and has also worked for Coutts and the Monetary Authority of Singapore.
In Hong Kong, 30-year financial vet Kenneth Chan will join as head of intermediaries, effective 1 June, reporting to head of Hong Kong Reto Marx. Chan previously worked at EFG, UBS, Pictet, Standard Chartered Private Bank and DBS.
The bank's Hong Kong unit also named Alice Chan and Karen Ho as relationship managers, effective June 1 and June 27, respectively, both reporting to the former Chan. Alice Chan joins from EFG and previously worked at UBS, Standard Chartered, DBS Bank and ICBC. Ho has 20 years of experience and also joins from EFG after previously working at UBS AG, HSBC, Citibank, and AIA.
Asia is seen by the bank as an important growth market and figures strongly in its «Strategy 2026» which includes a target of reaching overall net revenue of 100 million Swiss francs (US$102.9 million) in five years with Asia expected to account for a significant part of the contributions. For 2021, VP Bank reported net income of 50.6 million Swiss francs, up around 22 percent from 2020, and assets under management of 51.3 billion Swiss francs, as of end-2021.
