Liechtenstein private bank looks to Asia for “next big growth story”
A leading Liechtenstein private bank has revealed its about to double its head count in Hong Kong as it attempts to win a share of the region’s surging wealth.
VP Bank AG has more than 65 years of history operating in Liechtenstein, while over the past two decades it has dedicated significant resources to tapping the private wealth market globally.
The Liechtenstein private bank first opened an office in Hong Kong in 2007, however the respected institution’s latest recruitment drive signals its most aggressive move into the Hong Kong private bank market.
“There is no denying that the big growth story will be in Asia,” said Pamela Hsu Phua, VP Bank Asia CEO, in an interview with S&P Global.
“What’s important is that we are bringing Asia together as one holistic unit to push through Strategy 2026.”
‘Strategy 2026’ is VP Bank’s global five-year roadmap to achieve a net income of 100 million Swiss francs.
New Hong Kong office
VP Bank’s recruits will have a new Hong Kong office to operate from. The bank has recently leased an entire floor in a Central Hong Kong office.
“In Central Hong Kong, our modernized office space will accommodate for growth and scale. We are fully committed to this region and continue to invest and re-energize our business model in order to cater to our clients’ evolving wealth management needs,” said Reto Marx, VP Bank’s head of Hong Kong and managing director.
According to consultancy firm BCG, the assets under management held by Asian wealth managers are expected to grow by approximately 11.6% each year between 2020 and 2025.