Thomas Rupf, head of investment advisory and treasury for Asia, who has been with VP Bank since 2007, will assume the role of interim CEO until further notice. 

VP Bank Singapore, part of Liechtenstein-based VP Bank, said yesterday that Bruno Morel, its chief executive, is stepping down for personal reasons with immediate effect.

Thomas Rupf, head of investment advisory and treasury for Asia, who has been with VP Bank since 2007, will assume the role of interim CEO until further notice. 

The Group Executive Management and the Board of Directors of VP Bank Group thanked Bruno Morel for his valuable contributions.

Morel has “made a significant contribution to the successful expansion of VP Bank Group’s Asian business activities.”

The search process for a successor to the departing CEO of VP Bank Ltd Singapore Branch has already been initiated.

VP Bank is among a number of Europe-headquartered institutions that have expanded into the Asian private banking and wealth market. Earlier this week, VP Bank and its sister businesses announced they have signed a cooperation pact with Hywin Wealth Management and associated entities to build an offshore platform pitched at wealthy Chinese clients. (As part of the process, VP Bank is to acquire a 3.4 per cent stake in Hywin Holdco, a Nasdaq-listed structure.)