VP Bank
A Liechtenstein-based private bank and wealth-management group serving private clients, intermediaries and institutional investors across selected international markets.
Last updated October 16, 2026
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Overview
VP Bank AG is a Liechtenstein-based private bank headquartered in Vaduz. Founded on 6 April 1956 by Guido Feger, the bank developed from the trust and fiduciary-services business associated with Allgemeines Treuunternehmen, or ATU, and became one of the country’s principal privately owned banking institutions. It is commonly described alongside LGT Group and Liechtensteinische Landesbank as one of Liechtenstein’s three major banks. The bank’s original business model was shaped by the regulatory environment of post-war Liechtenstein. Its initial concession restricted several activities, including savings deposits, foreign-currency exchange and lending, and required the institution to avoid direct competition with Liechtensteinische Landesbank. As a result, VP Bank initially concentrated on cross-border fiduciary administration, securities portfolios, current accounts, patent rights, loans arranged through permitted structures and fixed-term deposits. Its established relationships with banks, intermediaries and private clients in Switzerland and other foreign markets gave it an international orientation from the beginning. After restrictions were progressively relaxed, VP Bank expanded into a broader range of banking activities. It was converted into a joint-stock company and achieved substantial growth during the 1960s and 1970s. The bank received a full banking concession in 1975, allowing it to offer the full range of banking products, including savings accounts and mortgages. During the 1980s and 1990s it expanded its international structure through subsidiaries and specialist entities, while shifting its revenue base increasingly toward commissions, investment services and wealth management rather than traditional interest-based banking. VP Bank’s core proposition is customized private banking and wealth management. It serves wealthy private individuals, families, entrepreneurs, external asset managers, financial intermediaries, investment funds and institutional clients. Its services include portfolio management, investment advice, custody, fund administration, asset management, financing and other tailored financial solutions. The group’s intermediary-focused model is designed to support professional wealth managers and other advisers as well as direct private-banking relationships. The group has maintained an international footprint through banking and financial-services operations in Liechtenstein, Switzerland, Luxembourg, Singapore and the British Virgin Islands, with additional market presence developed in Asia and other locations over time. Its Singapore operation received a banking licence in 2008 and later obtained a wholesale-bank licence, broadening the range of services available there. The group has also used acquisitions and integrations to expand its Luxembourg fund-services activities and strengthen its position in selected markets. VP Bank is listed on the SIX Swiss Exchange in Zurich. Its history includes periods of rapid expansion as well as restructuring. The early-2000s market downturn reduced assets, earnings and securities-related income, but the bank recovered from 2003 onward. Later strategic initiatives included the acquisition and integration of Centrum Bank in Liechtenstein, the takeover of selected private-banking and fund activities connected with HSBC Trinkaus & Burkhardt in Luxembourg, and extensive digitisation and operating-platform projects. The bank continues to position itself as an internationally oriented specialist in private banking, wealth management and services for intermediaries rather than as a mass-market retail bank.
History
VP Bank was founded in Vaduz on 6 April 1956 by Guido Feger, a Liechtenstein commercial councillor and the founder of Allgemeines Treuunternehmen, a long-established trust company. Before its creation, Liechtenstein’s banking sector was dominated by Liechtensteinische Landesbank and Bank in Liechtenstein. Feger’s first application for a banking concession was rejected because of concerns that a private bank could interfere with the public bank’s protected business area. A revised proposal established limitations intended to preserve the bank’s Liechtenstein character and avoid direct competition with Landesbank. The concession was granted in April 1956. During its first years, VP Bank could not accept savings deposits, conduct foreign-currency exchange or grant loans, including mortgages. It therefore concentrated on fiduciary administration and international client relationships, handling securities portfolios, current accounts, real-estate interests, patent rights and permitted deposit arrangements. Its association with ATU gave the new bank access to contacts among Swiss banks, intermediaries and private clients. Between 1956 and 1962, its net assets rose from approximately CHF 6 million to CHF 15 million. The institution entered a stronger growth phase in the 1960s. After being converted into a joint-stock company, it obtained greater freedom to conduct banking activities. By 1969, total assets had reached approximately CHF 150 million and assets under management had grown substantially. In 1967, the parliamentary removal of restrictions tied to the founder gave the bank a more permanent legal basis, although ownership and voting-right requirements were imposed to preserve Liechtenstein participation. The 1970s brought inflation, currency instability, falling equity markets, international banking failures and a recession in Liechtenstein. VP Bank increased its share capital in 1974 and 1979 and received a full banking concession in 1975. That concession allowed it to provide a comprehensive banking offering, including savings products and mortgages. By the end of the decade, total assets had grown to about CHF 530 million and the workforce had more than doubled from its earlier level. From 1980 through 2000, VP Bank experienced a major expansion. It created foreign subsidiaries after 1988, published its first consolidated financial statements for 1995 and increasingly developed an international group structure. By 2000, total assets were reported at approximately CHF 10.9 billion, client assets under management at around CHF 31 billion and the workforce at more than 500 employees. Commission and service income became more important than interest-margin income during the late 1990s. The group also strengthened risk-management processes as foreign subsidiaries and non-Swiss-franc activities became more significant. The global market downturn of 2001–2002 sharply affected the bank. Total assets, earnings and assets under management declined, while securities-related losses reduced profitability. Cost-control measures included a reduction in the workforce. Recovery began in 2003, and by 2006 the group had regained much of its earlier asset, earnings and assets-under-management growth. The following period was defined by international expansion, management changes, acquisitions and operating modernization. VP Bank opened a Dubai office in 2007, developed Singapore activities and received a Singapore banking licence in 2008. It later withdrew from Dubai, while continuing to build operations in Switzerland, Luxembourg and Asia. Roger H. Hartmann became CEO in 2010, Fredy Vogt became chairman in 2012 and Alfred W. Moeckli became CEO in 2013. In the same period, the group pursued the acquisition of selected HSBC-related private-banking and fund activities in Luxembourg. Its acquisition of Centrum Bank in Vaduz was completed in 2015. During the second half of the 2010s, VP Bank emphasized digitisation, harmonisation of banking systems and selective organic expansion. Its Singapore licence was upgraded to wholesale-bank status in 2018. The group also expanded its Swiss front-office presence, moved its Zurich operation to new premises and strengthened Luxembourg fund administration and custody capabilities, including activities associated with Carnegie investment funds. Through these developments, VP Bank retained its identity as a focused international private bank rather than a broad retail or investment bank. Its principal activities remain wealth management, private banking, asset management, custody, fund services and solutions for intermediaries and institutional clients.
- 2018
Singapore licence upgraded
[1]VP Bank’s Singapore licence is upgraded from merchant bank to wholesale bank, broadening its permitted service range.
- 2015
Centrum Bank acquisition completed
[1]VP Bank completes the acquisition of all shares in Centrum Bank of Vaduz in January 2015 and subsequently integrates it through a merger.
- 2013
New CEO and Luxembourg acquisition initiative
[1]Alfred W. Moeckli becomes CEO, while the group begins taking over selected HSBC-related private-banking and fund activities in Luxembourg.
- 2013
Expansion in Luxembourg
[1]VP Bank initiates the takeover of HSBC Trinkaus & Burkhardt’s Luxembourg private-banking activities and related fund business.
- 2012
Fredy Vogt becomes chairman
[1]Fredy Vogt succeeds Hans Brunhart as chairman of the board.
- 2010
Roger H. Hartmann becomes CEO
[1]Roger H. Hartmann assumes the chief executive role on 1 April.
- 2008
Singapore banking licence obtained
[1]The Monetary Authority of Singapore grants VP Bank Group a banking licence.
- 2007
Expansion into Dubai and Singapore
[1]The group opens a Dubai office and establishes an asset-management company in Singapore.
- 1995
First consolidated financial statements
[1]The group publishes its first consolidated financial statements as its foreign operations become more significant.
- 1988
International subsidiary expansion begins
[1]VP Bank establishes foreign group entities, including its Zurich-based presence, as part of a long-term internationalization strategy.
Products and positioning
An independent Liechtenstein private bank combining customised wealth-management services with an international network of regulated banking and fund-service businesses.
Banking service · 1956
Private banking
VP Bank’s private-banking business provides customized financial solutions for wealthy individuals, families and entrepreneurs. Services can include investment advice, discretionary portfolio management, custody, financing and broader wealth-planning support. The proposition emphasizes individualized relationships and cross-border expertise rather than standardized retail banking. VP Bank’s core private-banking business serves wealthy individuals, families, entrepreneurs, and other private clients. Services include investment advice, discretionary portfolio management, custody, financing, and broader wealth structuring. The bank emphasises tailored solutions rather than standardised mass-market products.
Investment service
Wealth management
Wealth management is a central VP Bank activity, combining portfolio construction, investment advice, asset allocation, securities custody and related financial planning. The group serves both direct private clients and professional intermediaries, with solutions adapted to client objectives, jurisdictions and risk profiles.
Professional financial services · 1956
Intermediary services
VP Bank supports external asset managers, trustees, fiduciaries, financial advisers and other intermediaries with custody, execution, reporting, investment access and operational services. This intermediary model has been part of the bank's identity since its early years and remains an important differentiator in international private banking. The group develops banking and investment solutions for external asset managers, trustees, fiduciaries, and other professional intermediaries. These services support client-account administration, custody, investment execution, reporting, and collaboration between intermediaries and the bank.
Investment management
Asset management
The group provides asset-management and portfolio-management capabilities for private and institutional investors. Depending on the mandate, services may be delivered through advisory or discretionary structures and may use securities, funds and other investment instruments appropriate to the client relationship.
Fund services
Fund administration and custody
Through its Luxembourg-related activities, VP Bank Group offers fund administration, custody and associated investment-fund services. These capabilities complement its private-banking business and support fund promoters, asset managers and institutional clients operating across European markets.
Fund administration
VP Fund Solutions
VP Fund Solutions provides fund-related administration and custody services, particularly through the group’s Luxembourg operations. Its activities expanded through mandates and transactions involving investment-fund administration and management-company functions. VP Fund Solutions provides fund-related administration and custody services, particularly through the group's Luxembourg operations. Its activities expanded through mandates and transactions involving investment-fund administration and management-company functions, complementing the private-banking business and supporting fund promoters, asset managers and institutional clients operating across European markets.
Brand decisions
2018
Expansion of Singapore wholesale-banking activitiesStrategyBackground
Singapore was identified as an important Asia-Pacific market, and the group sought to broaden the services available from its local platform.
Action taken
VP Bank's Singapore licence was upgraded from merchant-bank to wholesale-bank status.
Aftermath
The upgrade enabled the Singapore business to offer a broader range of banking and wealth-management services.
2016
Advance group-wide digitisationStrategyBackground
VP Bank sought to improve operating efficiency, harmonize its international platform and modernize client services.
Action taken
The group launched several extensive digitisation projects and continued integrating its banking technology environment.
Aftermath
The initiatives supported more consistent processes and service delivery across the group's locations.
2015
Acquire Centrum BankM&ABackground
VP Bank identified consolidation in its domestic market as a route to scale and growth.
Action taken
VP Bank completed the acquisition of all shares in Centrum Bank of Vaduz in January 2015 and proceeded with the integration of the businesses through a merger.
Aftermath
The transaction strengthened VP Bank’s Liechtenstein platform and formed part of its acquisition-led growth strategy.
2013
Acquire selected HSBC-related Luxembourg activitiesM&ABackground
VP Bank pursued growth through acquisitions and sought to strengthen its Luxembourg private-banking and fund-services platform.
Action taken
The group initiated the takeover of the private-banking activities of HSBC Trinkaus & Burkhardt International and its related private-banking fund business in Luxembourg.
Aftermath
The transaction supported VP Bank’s expansion in Luxembourg and its broader strategy of international growth through selected acquisitions.
2010
Withdrawal from DubaiStrategyBackground
After establishing a Dubai office in 2007, VP Bank reviewed its international network and operating priorities.
Action taken
The group withdrew from Dubai while continuing to develop other international locations, including Singapore, Switzerland, and Luxembourg.
Aftermath
The move concentrated the group's international footprint on locations more closely aligned with its private-banking and wealth-management strategy.
2007
Expand into Dubai and SingaporeStrategyBackground
VP Bank sought to broaden its international private-banking and asset-management footprint, particularly in emerging financial centers.
Action taken
The group opened a Dubai office and established an asset-management company in Singapore.
Aftermath
The Dubai operation was later closed, while Singapore became a continuing strategic location and subsequently received a broader wholesale-bank licence.
Recent events
- Unconfirmed
SMBC in talks to increase stake in Vietnam's VPBank, Reuters reports[4]
Reported:
Reuters exclusively reports, citing sources, that Japan's SMBC is in talks to increase its stake in Vietnam's VPBank. The report is based on unnamed sources and the article does not announce any concluded agreement.
VPBank completes sale of 49% of FE Credit to SMBC Consumer Finance[5]
VPBank announced that it had completed the sale of a 49% stake in FE Credit to SMBC Consumer Finance, which acquired the stake. VPBank retained 50%, with another investor holding the remaining 1%.
VPBank wins 2021 enterprise risk management award[6]
VPBank received The Asian Banker's Achievement in Enterprise Risk Management award for 2021, marking its second consecutive year receiving the award.
Sources6 sources
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