VP Bank Upgrading Singapore’s Subsidiary to Full Branch to Lead Asian Clients Safely Ahead
Safely ahead: In order to serve its clients’ needs even better in the future, VP Bank will be conducting its business in Singapore through a branch instead of a wholly owned subsidiary with effect from 1 September 2018. This is consistent with VP Bank’s growth strategy because as a branch in Singapore, VP Bank is better positioned to expand and grow its client services in Asia.
In addition, to enable VP Bank to offer a wider range of services, the licence in Singapore has been upgraded from a merchant bank licence to a wholesale banking licence with effect from 1 September 2018 as well. A wholesale banking licence provides the bank with a wider set of options to grow its product offerings.
In relation to the change in the operating entity from subsidiary to a branch, VP Bank (Singapore) Ltd has transferred the assets and liabilities of its business in Singapore to the newly established Singapore branch of VP Bank on 1 September 2018.
The Asia/Pacific region is one of VP Bank’s major target markets. VP Bank opened the office in Singapore in 2008 and celebrates its 10-year anniversary in 2018 with 67 employees as of 1 September 2018. Mr. Bruno Morel is Chief Executive Officer of VP Bank Ltd Singapore Branch.