VP Bank has announced it is closing its operations in Hong Kong after 18 years, switching its focus to Singapore.
“VP Bank is physically withdrawing from Hong Kong and focusing on the Singapore location. The Asia region, where VP Bank has recorded double-digit growth rates in the intermediaries business in recent years, remains important for our bank,” a spokesperson told FSA.
The Liechtenstein-headquartered bank’s announcement comes after the reported resignations of CEO Pamela Hsu Phua and COO Heline Lam. Neither Hsu nor Lam immediately responded to a request for comment from FSA.
Both Hsu and Lam joined from Pictet Wealth Management. Hsu also worked at Julius Baer, Credit Suisse and BNP Paribas. Lam worked at UBP, Julius Baer and Standard Chartered.
VP Bank’s announcement comes as other firms are rethinking their Hong Kong operations in light of increasing competition from Singapore. Earlier this year, GAM Investments said it would close its Hong Kong office next year.
VP Bank opened its Singapore in 2007 one year after starting operations in Hong Kong.
