Liechtenstein-based VP Bank has announced the appointment of co-heads to lead its Singapore branch. The reaffirmed commitment to growth in Asia occurs in the midst of ongoing challenges, including profitability.
VP Bank has appointed Reto Marx and Thomas Rupf as co-heads of the Singapore branch, according to a statement.
Marx has over 30 years of experience and is currently also the bank’s chief risk officer for Asia. Prior to that, he was VP Bank’s head of intermediaries and private banking Singapore, head of Hong Kong and, most recently, head of products and solutions Asia ad interim. Previously, he also worked at UBS, Bank Sarasin-Rabo and Credit Suisse.
Rupf has more than 20 years of wealth management experience and first joined VP Bank in 2007. In addition to his latest role, he is also the bank’s Asia chief investment officer.
Ongoing Challenges
VP Bank’s appointments have been unveiled amid ongoing challenges for the Liechtenstein-based private bank. In 2024, it announced that its half-year net profit more than halved to 11.5 million Swiss francs ($12.6 million) months after the surprise exit of global CEO Paul Arni. In Asia, it saw the departure of regional CEO Pamela Hsu as well as the closure of its Hong Kong office.
A reorganization is underway with plans to achieve a minimum efficiency of 20 million Swiss francs by the end of 2026 and a reduction of 100 jobs out of its 1,000-strong workforce. Its full-year results for 2024 will be released on March 13.
«Asia remains an important region for VP Bank Group, with Singapore serving as a strategic cornerstone for its growth trajectory,» the bank added. «VP Bank's core competency lies in its deep expertise and established presence in the Intermediaries segment.»
