This is proving to be a busy year on the C-suite side for the Liechtenstein-headquartered private banking and wealth management group.

It is all change at the top of VP Bank, the Liechtenstein-headquartered bank that has been through a number of senior changes and the closure of its Hong Kong office.

VP Bank yesterday announced a new CEO: Urs Monstein (pictured). He has been holding the post ad interim since Paul Arni’s departure in May.

The bank has also realigned its corporate structure. And in other developments, it said that Roger Barmettler, chief financial officer, has told its board of directors that he intends to pursue a new professional role outside VP Bank. Barmettler joined VP Bank in January 2020.

Mara Harvey, CEO of VP Bank (Switzerland) Ltd and head of the Europe region has also decided to leave VP Bank for personal reasons. She joined in January 2023 and was responsible for the two locations in Zurich and Luxembourg. Roger Barmettler and Mara Harvey will remain in post until the end of 2024 and will assist in the handover.

New CEO
At the bank since 2018 when Monstein joined as chief operating officer, he had been global IT head at Julius Baer.

The bank said it had examined external and internal candidates for the job. 

“In recent months, we have laid important foundations during his time as interim CEO. He has worked closely with the board of directors and the executive board to embark upon the necessary changes quickly and prudently,” Stephan Zimmermann, chairman of the board of directors of VP Bank, said.

Monstein said: “With our three focus areas – services for intermediaries, international private banking in key markets and universal banking in Liechtenstein – we are able to combine diversification with a strong focus. I see this as an excellent starting point, which now needs to be used in order to grow profitably.”

Realignment
VP Bank said the senior changes are a chance to “align the organisation more consistently with clients and the strategic transformation.” Its group executive management now consists of the client-facing units of “Region Liechtenstein,” “International Locations,” “Products, Services & Investments” and “Strategic Transformation.”

The client-facing units are complemented by the chief financial officer and chief risk officer units, it said. 

“Combining the CIO office with products and services will enable us to focus our platform more sharply on the needs of our clients and markets. The strategic transformation unit will drive improvements within client-related processes and further enhance the bank’s positioning,” it said.

Monstein will take over the management of international locations on an interim basis, while Philippe Wüst will serve as interim CFO. The new “Strategic Transformation” unit will be headed by Rolf Steiner.

Felix Brill is newly appointed to group executive management as head of products, services and investments. The changes are subject to approval by the Liechtenstein Financial Market Authority (FMA), it added.

VP Bank Group generated a net profit of SFr11.5 million ($13.32 million) in the first half of 2024. Client assets under management rose by 8.8 per cent, while the annualised net new money inflow was 2.2 per cent. 

The group logged net new money of SFr500 million at the end of June this year, equating to annualised growth of 2.2 per cent. Client AuM rose by 8.8 per cent to SFr50.4 billion.