Vaduz, January 26, 2010 – The VP Bank Group intends to reinforce its five existing bank locations and, going forward, will consolidate its «Near & Middle East» marketing activities. |
For years, the VP Bank Group has had the goal of gaining presence throughout the world in the key markets for private banking. The Group will resolutely pursue that strategy further, while continually verifying its efficiency.
In this connection, the VP Bank Group has decided that in future it will forgo having a permanent presence in Dubai and thus close the asset management company currently situated there. Affected by this decision are three local employees. As of 2010, the Group’s existing bank locations will be responsible for catering to the needs of clients in the «Near & Middle East» market.
Regulation of the crossborder asset management business can be expected to increase further. Streamlined, efficient market penetration concepts are essential for a company with the size of the VP Bank Group. The Group will continue to exploit the potential for client acquisition in the Near and Middle East, and existing clients from the region will be serviced from VP Bank’s locations in Liechtenstein, Switzerland, Luxembourg, the British Virgin Islands and Singapore. At the same time, this decision enables the efficient deployment of resources already available within the VP Bank Group, whereby the expansion of its existing banks in Zurich and Singapore will be a prime objective in this regard.
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