The current temporary CEO is taking over the helm at VP Bank for good. The head of finance and the CEO of the Swiss branch are leaving the bank. The Liechtenstein financial institution is taking these personnel changes as an opportunity to adjust its organizational structures.
The new head of VP Bank is the old one. Urs Monstein, who has led the Liechtenstein-based bank as group CEO on a temporary basis since May 2024, is now taking over the role permanently. Following a comprehensive review of internal and external candidates, the Board of Directors has decided in favor of Monstein, according to a press release.
Monstein's leadership demonstrated in recent months, his understanding of the corporate culture and his priorities in implementing the bank's strategy were convincing.
Monstein has been chief operating officer at VP Bank since 2018 and brings with him many years of experience and expertise in the financial sector. He previously held various management positions at Bank Julius Baer (most recently as global head IT and chief information officer) and Bank Ehinger & Armand von Ernst in Zurich. He began his banking career in 1993 at Union Bank of Switzerland (which became UBS after the merger with Swiss Bank Corporation), where he served for 10 years.
«Broadly Based Earnings, High Cost Discipline»
Stephan Zimmermann, chairman of the board of directors of VP Bank, comments on Monstein's appointment as follows: «In close teamwork with the Board of Directors and Executive Board, he has quickly and prudently tackled the necessary changes. Urs Monstein understands our priorities, the strengths of VP Bank and knows the areas in which we want to improve. This will allow us to continue to consistently implement the necessary measures for cost efficiency and growth.»
And the new CEO sets the direction: «Everything we do is about creating value for our clients. We want to generate broad-based income and maintain a high level of cost discipline.»
Departures at the Management Level
At the same time, VP Bank announced that the current chief financial officer Roger Barmettler is seeking a new professional role outside VP Bank. Mara Harvey, CEO of VP Bank (Switzerland) and head of the Europe region, will also be leaving the bank at the end of 2024. She has decided to take this step for personal reasons. Barmettler had been with the Bank since 2020 and Harvey since 2023.
The Board of Directors is taking the change as an opportunity to «align the organization more consistently with clients and the strategic transformation». Group executive management now consists of the front-facing units for Liechtenstein and international locations, products, services & investments and the new strategic transformation unit. The front-office units are supplemented by the chief financial officer and chief risk officer units.
New Strategic Transformation unit
In addition to his role as CEO, Monstein will once again take on an interim function, namely the management of the international locations unit. Philippe Wüst will become CFO ad interim. The strategic transformation unit will be managed by Rolf Steiner. As head of the products, services & investments unit, Felix Brill is appointed as a new member of group executive management.
Peter Vangehr is named as head of VP Bank (Switzerland) in Zurich. He currently heads the intermediaries business in Zurich and is a member of the executive board of VP Bank (Switzerland).
In mid-October, Monstein confirmed that the CEO succession could be named before the end of the year. At that time, it was not yet decided that he would get the job. And he won’t have time to be idle: VP Bank had made headlines this year – apart from personnel changes – with poor figures and a radical cost-cutting program.
