VP Bank has announced that it will operate its Singapore business in the future through a branch rather than a wholly owned subsidiary with effect from 1 September. Accordingly, VP Bank (Singapore) Ltd has transferred the assets and liabilities of its business in Singapore to the newly established Singapore branch of the Liechtenstein private bank.
VP Bank has been present in Singapore since 2008. In April, the Singapore subsidiary and its 67 employees moved into new and larger office spaces in Asia Square Tower 1. By turning the business into a branch, VP Bank is better positioned to expand and grow its client services in Asia, which it calls “one of VP Bank’s major target markets”.
In relation to the change from a subsidiary to a branch, VP Bank in Singapore has now been upgraded from a merchant bank licence to a wholesale banking licence, providing VP Bank with a wider set of options to grow its product offerings.