VP Bank Appoints Co-Heads for Singapore Branch
Liechtenstein-based VP Bank has reaffirmed its commitment to the Asian market by appointing Reto Marx and Thomas Rupf as co-heads of its Singapore branch. This strategic move comes as the bank navigates challenges in profitability and restructuring, positioning itself for long-term growth.
New Leadership for a Strategic Growth Market
The appointment of Marx and Rupf underscores VP Bank’s focus on expanding in Asia. Both executives bring extensive experience, ensuring a steady hand in managing operations and client services in Singapore.
Meet the New Co-Heads
- Reto Marx: With over 30 years in banking, Marx is also the bank’s Chief Risk Officer for Asia. He has held leadership roles at VP Bank, including Head of Intermediaries and Private Banking Singapore and interim Head of Products and Solutions Asia. Before VP Bank, he worked at UBS, Bank Sarasin-Rabo, and Credit Suisse.
- Thomas Rupf: With more than 20 years in wealth management, Rupf joined VP Bank in 2007. Alongside his new role, he continues as Chief Investment Officer (CIO) for Asia, shaping investment strategies and client portfolio management.
Navigating Industry Challenges
VP Bank’s leadership changes come at a crucial time. The bank has faced significant obstacles, including declining profitability and executive departures.
Recent Setbacks
- Profit Decline: In 2024, VP Bank reported a sharp drop in half-year net profit, falling to 11.5 million Swiss francs (USD 12.6 million).
- Executive Turnover: The resignation of global CEO Paul Arni created uncertainty, followed by the departure of Pamela Hsu, the bank’s regional CEO for Asia.
- Operational Restructuring: The bank closed its Hong Kong office, consolidating its presence in Singapore as its main Asian hub.
Restructuring for Sustainable Growth
To address these challenges, VP Bank has launched a restructuring plan focused on efficiency and profitability.
Key Initiatives
| Initiative | Details |
|---|---|
| Cost Reduction | Targeting an efficiency gain of 20 million Swiss francs by 2026. |
| Workforce Optimization | Cutting 100 jobs to streamline operations. |
| Strengthening Core Areas | Renewed focus on the Intermediaries segment for growth. |
Why Singapore Remains Central to VP Bank’s Strategy
Despite recent difficulties, VP Bank remains confident in Singapore’s role in its long-term strategy. The city-state provides a stable regulatory environment, a strong wealth management sector, and access to high-net-worth individuals (HNWIs) and family offices.
VP Bank’s Competitive Edge in Singapore
- Wealth Management Expertise: VP Bank offers tailored financial solutions for intermediaries, private clients, and family offices.
- Regulatory Compliance: Singapore’s strict financial regulations align with VP Bank’s security and client trust principles.
- Investment Innovation: With Rupf as CIO for Asia, clients gain access to cutting-edge investment strategies tailored to regional and global markets.
Looking Ahead: What’s Next for VP Bank?
VP Bank’s full-year 2024 financial results will be released on March 13, offering insights into its restructuring effectiveness. Leadership remains optimistic about long-term growth, reinforcing Singapore as a key expansion hub.
Final Thoughts
Despite setbacks, VP Bank’s decision to appoint seasoned leaders like Marx and Rupf highlights its commitment to stability and growth in Asia. By strengthening its core expertise in wealth management and intermediary services, the bank is positioning itself for future success.
As VP Bank refines its operations, the Singapore branch remains a crucial part of its global strategy—driving innovation, investment expertise, and a client-centric approach.
If you are looking to open a bank account in Singapore, Easy Global Banking is here to help. Their expert guidance and streamlined process simplify international banking for entrepreneurs and investors. Learn more about your options by visiting Easy Global Banking.
