Liechtenstein-based VP Bank is reportedly set to close its Hong Kong office following the resignation of its Asia CEO Pamela Hsu Phua and Chief Operating Officer Heline Lam. The closures follow the departure of global CEO Paul Arni just months earlier.
According to sources cited by Nikkei, the resignations are linked to differences in expectations between the bank’s Asia operations and its Liechtenstein headquarters. Discussions with Hong Kong regulators are underway, although the exact timing of the office closure remains uncertain. The Hong Kong branch, which has been operational since 2006 and employs nine staff, will soon cease operations.
Despite the closure, VP Bank has emphasized its continued commitment to the Asian market through its Singapore branch, which has seen double-digit growth in its intermediary business in recent years.
Phua’s departure is particularly notable as she was recently appointed head of the Singapore branch in May 2024, in addition to her role as Asia CEO. Her exit comes on the heels of a sharp 50 percent year-on-year decline in profits for the first four months of 2024, as highlighted in the bank’s interim management statement. The bank attributed this decline primarily to lower interest income.
VP Bank is currently focusing on implementing efficiency measures as part of its Strategy 2026 plan, which aims to reduce costs and complexity. Further details on these measures are expected to be disclosed in the bank’s upcoming semi-annual results.
