Word Vorlage A4 hoch

The History of VP Bank
Founded in 1956, VP Bank has evolved from a small familial bank to become a globally active financial institution. Today, it
ranks among the three largest banks in Liechtenstein and is present in seven locations throughout the world. Guido Feger,
Commercial Councilor to the Princely House and founder of VP Bank, was innovative, competent and bold; but he was
also very client-oriented and safety-conscious. Over the past five decades, these fundamental principles have been rigorously pursued – and rightly so, as history has proven. Today, VP Bank employs more than 700 individuals.
1956 | Foundation of VP Bank
Guido Feger (1893-1976), proprietor of Allgemeines Treuunternehmen (ATU), Vaduz,
Receives on April 4 a concession to «operate a banking business». Initially it is tied to
Feger personally. The bank must waive conducting domestic transactions so as not to
compete with LLB. On April 6, Feger founds Verwaltungs- und Privat-Bank Anstalt with
initial capital of 2 million Swiss francs.
Until 1956, there were only two domestic banks: Liechtensteinische Landesbank (LLB) as
a foundation under public law, and Bank in Liechtenstein AG (BiL) with a private law
character.
1957 | First bank building im Städtle 14 at Vaduz
Robert Lerch from Erlenbach ZH is elected as the Bank's first General Manager and Olaf
Walser (ATU) as its first authorized officer. During the founding and buildup phase
through 1962, the Bank mainly conducts traditional fiduciary transactions, for example
those relating to asset management for clients of ATU. The Bank is domiciled at Städtle
14, Vaduz, in the same building as ATU.
The Treaty of Rome agreements on the European Economic Area (EEA) are signed.
1958 | Ernst & Young AG as account auditor
A supervisory board comprised of three members controls the business activities of
VP Bank. In 1976 it is dissolved and to this day the Bank's accounts have been audited by
Kontroll-und Revisions AG, Basel/Bern (a subsidiary of Allgemeinen Treuhand AG), and
Ernst & Young AG.
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1960 | Heinz Batliner takes over as General Manager
Heinz Batliner takes over as General Manager. VP Bank increasingly devotes its efforts to
the foreign currency and securities business. Olaf Walser opens a foreign exchange
office on the ground floor of Städtle 14.
The agreement on the European Free Trade Association (EFTA) enters into force. As a
result of the customs union with Switzerland, the Principality is included in EFTA and, as
of 1972, in the Switzerland/EC free trade agreement.
1962 | Transformation into a joint-stock company
In keeping with the provisions of the revised Bank Act, the foundation is transformed into
a joint-stock company at the end of the year. The equity capital is owned by Stiftung
Fürstl. Kommerzienrat Guido Feger.
1963 | VP Bank publishes a printed annual report
VP Bank publishes a printed annual report for the first time. It is active in the money
market and commission business. On October 23, it founds AFI Allgemeinen Finanz- und
Investment Trust reg., Vaduz, for the handling of special transactions.
1965 | Foundation of the Privatbank Personalstiftung
Share capital is increased from 2 to 5 million Swiss francs. To cover the impact of old age,
disability and death, the bank founds the Privatbank Personalstiftung, which in 1970 is
converted into a paternal foundation for hardship cases. The bank joins the Swiss Bankers Association.
In effort to cool down its economy, Switzerland in March 1964 adopts foreign currency
controls. Until the Principality «follows suit» in mid-1965, it is treated as a foreign country
for currency purposes.
1967 | Mandatory tie to the founder is abrogated
The banking concession's time limit and mandatory tie to the founder are abrogated. VP
Bank commits to having at least 60 percent of its voting rights and 51 percent of its share
capital legally and economically in the ownership of Liechtenstein citizens.
The Principality introduces a coupon tax (3 percent). Founding of the European Community (EC).
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1968 | Share capital is doubled
Share capital is doubled to CHF 10 million. VP Bank and ATU establish the TreuhandPersonalstiftung as a pension fund with an initial injection of CHF 1 million.
1969 | Salary accounts for cashless transactions
VP Bank is the first bank in Liechtenstein to introduce the "Swiss Cheque" as well as
salary accounts for cashless transactions.
The Liechtenstein Bankers Association is founded.
1970 | First ATM and night safe in Liechtenstein
By means of bank-guaranteed cash bonds, VP Bank offers a medium- to long-term investment instrument. It sets up the first ATMs in Liechtenstein and in 1971, installs a
night safe. During the '70s, net assets rise sharply. However, inflation-adjusted growth
slows. The significance of foreign exchange and precious metals trading increases.
On April 29, 1970, the US invasion of Cambodia triggers a stock market crash that continues through the end of May. The years between 1970 and 1974 are marked by financial crises and an uncertain economic situation. Switzerland's inflation rate is extraordinarily high.
1971 | Joining Swiss bank clearing system
As the first bank in the Principality to do so, VP Bank joins the Swiss bank clearing system. Clients as well as the bank benefit from the faster handling of payment transactions.
On May 9, the Swiss franc is revalued upwards by 7 percent. The US dollar declines
through 1980. In 1971/1972 Switzerland introduces measures against capital inflows.
1972 | Delegating powers to a committee
The Board of Directors delegates powers to a committee, with the Bank's Chairman
acting in an advisory capacity. The committee mainly addresses the granting of loans and
determination of interest rates.
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1973 | Purchase of a NCR Century 150 computer
VP Bank, together with ATU, purchases an NCR Century 150 computer and introduces
electronic data processing at the Bank on April 1, 1975.
The freely floating dollar exchange rate is introduced. The oil crisis and resignation of US
president Nixon lead to large losses in stock prices during 1973/1974.
1974 | Increase in share capital
In parallel with the increase in share capital from 10 to 15 million Swiss francs, public
shares are created. As Liechtenstein's first public company, VP Bank has more than 300
shareholders by the mid-'70s. The Stiftung Fürstl. Kommerzienrat Guido Feger Foundation remains the majority shareholder.
In June 1974, the Herstatt scandal shatters the public's trust. Foreign exchange speculation had led to a loss of DM 500 million and the closure of the Cologne-based private
bank.
1975 | Concession for all banking activities
The bank receives a concession for handling all banking activities. As a result, it starts to
offer savings, youth and pensioners accounts, as well as mortgage financing.
1976 | Wolfgang Feger new chairman
On September 1, the founder and chairman of VP Bank, Guido Feger, dies at the age of
83. His nephew, Wolfgang Feger, takes over as chairman of the bank.
1977 | Internal inspectorate
Since June 1975, the bank has an internal inspectorate that answers directly to the board
of directors and as of 1977 reports in writing on a quarterly basis with regard to relevant
business occurrences and compliance with due diligence requirements. Private credit is
introduced (overdraft of the account in amounts up to three salary deposits). The periodical "Liechtenstein – Economic Issues" is introduced.
The Chiasso scandal casts a dark shadow on both financial centers. The Swiss banks
adopt a due diligence agreement pertaining to the acceptance of funds. Liechtenstein
banks sign a similar agreement.
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1978 | Purchase of a property in Vaduz
The planned construction of a new building in collaboration with the Liechtenstein Art
Foundation is abandoned. Purchase of the Aeule Nord property for the construction of a
head office building in Vaduz.
Liechtenstein becomes member of the European Council. The European Monetary System (EMS) is founded.
1979 | Introduction of new products
Introduction of home-construction savings accounts, second mortgages and fixed-rate
mortgages with a three-year term. Torrid pace of development at VP Bank ends with the
record year of 2000. The share capital is increased from 15 to 25 million Swiss francs.
After the ouster of the Shah, Ayatollah Khomeini takes over power in Iran. At the end of
1979, the conflict between the USA and Iran leads to tremendous uncertainty in the
Euromarket.
1980 | Begin of construction Head Office
Through 1984, the new VP Bank headquarters, designed by architect Franz Hasler, is
constructed on Aeulestrasse 6. Adaptation of the organization and strategy during this
time of transition. In November, chairman Wolfgang Feger dies.
The Principality concludes a currency agreement with Switzerland. Since then, Swiss
monetary, lending and currency policies automatically apply in Liechtenstein territory.
1981 | Erich Seeger new chairman
Erich Seeger succeeds Wolfgang Feger as chairman. Connection to the SWIFT (Society
for Worldwide Interbank Financial Telecommunication) network. For the first time, cash
counter transactions are processed electronically with immediate booking.
1982 | Share capital is increased
Share capital is increased from 25 to 50 million Swiss francs. The shareholders' equity
ratio increases to 10.3 percent.
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1983 | VP Bank shares traded in Zurich
On 7 March, VP Bank's shares become the first Liechtenstein securities to trade on the
Zurich Exchange's side market.
1984 | New main office building
VP Bank and its 150 employees take up occupancy of the new main office building. The
bank now offers IT-supported asset management and introduces the deposit account. To
ensure domestic shareholder control, VP Bank converts its category A shares into registered shares and category B into bearer shares. Creation of the International Advisory
Board, a consultative body that offers advice to the Bank and contributes to its image.
On August 26, Prince Franz Josef II of Liechtenstein names Hereditary Prince Hans-Adam
as his deputy and entrusts him with the exertion of sovereignty rights.
1985 | Share capital increasing
VP Bank increases its share capital from 50 to 60 million Swiss francs and for the first time
in Liechtenstein creates participation shares representing CHF 15 million of the capital.
The issuance and syndication business is intensified.
The US dollar has been appreciating since 1981. In February it reaches a high of 2.94
versus the Swiss franc and ultimately falls to parity with the Swiss franc in 2008.
1987 | Trading of VP Bank Shares on Stock Exchanges
Starting on March 18, the shares of VP Bank are traded in the main segments of the
Zurich, Basel, Geneva and St. Gallen stock exchanges. The participation capital is increased to CHF 30 million and participation certificates commence trading on the Frankfurt and Munich Exchanges on December 22. The employee newspaper "VP Bank Post"
appears for the first time.
After the boom in the early '80s, the financial world witnesses a stock market crash on
October 19, 1987. The Dow Jones index plummets by 34 percent in October alone.
1988 | Foundation of a subsidiary company
In order to be present in the domestic EC market, VP Bank in November founds a subsidiary company in Luxembourg with share capital of CHF 4 million. In 1989, VP Bank (Luxembourg) S.A. is granted a full banking concession. In Zurich, VP Bank establishes VPB
Finanz AG with share capital of CHF 5 million.
SOFFEX (the Swiss Options and Financial Futures Exchange) commences operation as
the world's first fully automated derivatives exchange.
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1989 | New payment transaction system
To simplify the handling of payments, VP Bank introduces a new payment transaction
system (ZASY); by 1991, the dispatch, archiving and microfilming of vouchers is fully
automated.
In the wake of reforms in the USSR, the Eastern Bloc collapses. The due diligence agreement among Liechtenstein banks is revised.
1990 | Heinz Batliner new chairman of the board
Heinz Batliner succeeds Erich Seeger as chairman of the board. Peter Kappeler takes
over as chief executive officer. VP Bank develops its investment fund business in a joint
venture with leading Swiss cantonal banks, and in November they found the Canto MM
Fund Management Company S.A., Luxembourg.
The EG and EFTA start negotiations on the formation of the European Economic Area
(EEA). Iraq's invasion of Kuwait in September sparks a drop in the equity markets. Liechtenstein becomes a member of the UN.
1991 | Rolf Kormann new CEO
Rolf Kormann succeeds Peter Kappeler as chief executive officer. For the first time, the
Bank draws up internal group financial statements for the 1990 fiscal year. Consolidated
net assets amount to CHF 4.3 billion and shareholders' equity stands at CHF 393 million.
The group reports a net profit of CHF 18.6 million and a total workforce of 355. 1991/93
witnesses the establishment of representative offices in Munich and Berlin, 1996/97 in
the Netherlands and Uruguay.
Liechtenstein becomes a full member of EFTA. In the mid-'90s, the Swiss banking industry experiences a far-reaching structural transition, which starts with the closure of the
Spar- und Leihkasse Thun and reaches its zenith in 1998 with the merger of UBS and
SBC.
1992 | VP Bank redefines its corporate strategy
VP Bank redefines its corporate strategy. For the first time, departmental cost and profit
contribution accounts are recorded for 70 business activities, products and services.
Liechtenstein adopts a new law governing banks and finance companies. The Prince,
Parliament and Government avoid a national crisis by compromising on the issue of role
allocation among the various institutions. On December 13, Liechtenstein approves the
country' entry into the EEA.
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1993 | Foundation of IGT
Until the end of the '80s, the company-foundation business represented a cornerstone of
VP Bank's income statement. For reasons of heightened discretion, VP Bank transfers its
corporate services department and related domiciliary companies to IGT Intergestions
Trust reg., Vaduz, which was founded in the same year.
The Federal Republic of Germany levies a 30 percent source tax on domestic income
from capital investments. According to the Maastricht Agreement, the European Economic and Currency Union is to be introduced by 1999.
1994 | New bank building "Giessen"
In keeping with the strategy that was reformulated in 1992, the bank's product-based
structure is replaced by a client- and market-oriented organizational structure, which
requires a segmentation of clients. In December, 125 employees take up occupancy of
the "Giessen" bank building.
1995 | VP Bank (BVI) receives a banking license
VP Bank, together with Allgemeine Treuunternehmen, establishes in a joint venture VP
Bank and Trust Company (BVI) Ltd. in Tortola (British Virgin Islands), the subsidiary of
which, VP Bank (BVI) Ltd., receives a banking license on September 29. In the same year,
the investment company VPB Inhouse Portfolio Ltd. is established in George Town
(Cayman Islands).
Switzerland and Liechtenstein introduce a value-added tax, to which financial services
are also subject. The Principality becomes a member of the EEA.
1996 | Hans Brunhart takes over the chairmanship
Hans Brunhart, former Head of Government of Liechtenstein, takes over the chairmanship from Heinz Batliner, who is named Chairman Emeritus. For the first time, VP Bank
publishes consolidated financial statements. From that point on, the bottom line is the
focal point of the Group's business, which grew at an unprecedented pace until 2000.
VP Bank Fondsleitung AG, Vaduz, is founded with initial capital of CHF 1 million and, in
the form of the VP Bank Money Market Fund, offers the first investment fund to comply
with the provisions of the new Investment Undertakings Act. On December 19, the
VP Bank Art Foundation is founded to promote and collect contemporary art.
In Zurich, the fully automated SWX Swiss Exchange commences trading. In Liechtenstein, the obligations to exercise due diligence in the acceptance of assets are regulated
for the first time at the legislative level. On July 10, 1996, the EU-compatible law governing investment undertakings (investment funds) enters into force.
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1997 | Securities dealer license by Swiss Exchange
The SWX Swiss Exchange grants VP Bank a securities dealer license as a foreign member
of the exchange.
At mid-year, panicked selling and currency devaluations trigger the Asian crisis.
1998 | Adolf E. Real succeeds Rolf Kormann as CEO
Adolf E. Real succeeds Rolf Kormann as chief executive officer. VP Bank acquires 40year-old Hügi Bank AG, Zurich, and combines it with VPB Finanz AG, Zurich, to create
VP Bank (Schweiz) AG. Purchase of the Luxembourg headquarters of Belgium's Bank De
Maertelaere.
Because the need clause was eliminated from the Bank Act of 1992 and since 1997 banks
from the EEA are allowed to set up business in Liechtenstein, the number of banks in
1992 rises from 3 to 16 by 2005.
1999 | Rollout of an e-Banking Application
With «VP Link» for professional clients and as of December 2000 «more4u» for private
clients, VP Bank makes it possible for them to handle their transactions electronically.
Both products are replaced in 2004 by the «VP Bank
e-banking» platform. In November, VP Bank founds IFOS Internationale Fonds Service
AG, Vaduz. In contrast to VP Bank Fondsleitung AG, the new company renders services
for third parties.
On January 1, the euro is introduced as a common currency in most of the EU member
states. Liechtenstein remains integrated in the CHF area. The Principality's banks adopt
guidelines on the administration of dormant accounts.
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2000 | VP Bank builds banking center in Triesen
The change to the new millennium passes without difficulties. In the 2000 financial year,
the VP Bank Group records the best results in its history: a net profit of CHF 197 million.
However, the financial center crisis underscores the fact that the offshore business of
banks, which for years has been mainly based on location-specific advantages, is coming
under increasing pressure from the OECD and EU. The Bank's participation certificates
and certain shares are repurchased, and the capital structure is simplified. Its share capital
now comprises registered shares with a total par value of CHF 11.2 million and bearer
shares with a total par value of CHF 74 million. Through 2003, VP Bank builds a second
banking center in Triesen, designed by Hamburg-based architectural firm Böge und
Lindner.
Computer crashes that were feared at the turn of the millennium fail to occur. In March,
speculation in technology stocks reaches a climax. The bursting of the "techno-bubble"
leads to a breakdown in share prices. The Germany intelligence service (BND) accuses
the Principality of working with organized crime to launder money; the OECD's Financial
Action Task Force on Money Laundering also criticizes Liechtenstein for money laundering. A specially appointed attorney general debunks the accusations. Liechtenstein improves its anti-money-laundering regime and enforcement of the law.
2001 | Take over of Banque Baumann & Cie. S.A.
The negative performance of equity markets and low stock exchange turnover leave their
mark on the
VP Bank Group in 2001/2002: net assets sink 20 percent to CHF 8.8 billion; net profit
declines from CHF 197 million (2000) to CHF 68 million (2001) and ultimately to CHF 13
million (2002). In 2002, the number of employees drops from 562 to 549. VP Bank takes
over Banque Baumann & Cie. S.A., Luxembourg, and buys 51 percent of S.T.A. Salmann
Trust AG, Vaduz, in 2001.
In early 2001, the Due Diligence Act and new source tax regulations enter into force. In
mid-2001, Liechtenstein is taken off the FATF black list. The difficult economic environment continues: in September, Islamic terrorist attacks in the USA lead to a global plunge
in share prices.
2002 | Financial statements with Swiss GAAP ARR
Financial statements for 2001 are prepared in accordance with Swiss GAAP ARR accounting principles for the first time. Through the creation of an Audit & Risk Management Committee, VP Bank strengthens its internal controls.
On January 1, the EU introduces euro banknotes and coins. Liechtenstein concludes a
legal assistance agreement with the USA.
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2003 | VP Bank acquires shares from BZ-Bank
BZ Group, which encountered difficulties in 2002, sells its shareholding in VP Bank (32.9
percent of the capital; 15.2 percent of the voting rights). VP Bank acquires the block,
cancels the majority of shares and reduces its share capital from 85.5 auf 59.1 million
Swiss francs.
2004 | Start of operation at Service Center Triesen
After three years of construction, the Triesen Center commences operation, with 230 VP
Bank backoffice employees and the central staff functions located there. The 2003 financial statements are prepared for the first time in accordance with International Financial
Reporting Standards and disclose for the first time the income generated by the various
business units. VP Bank becomes a member of the European Foundation for Quality
Management, Brussels. VP Vermögensverwaltung GmbH is founded in Munich. The
wholly owned subsidiary is active in onshore banking.
With the entry of ten new member states, the EU expands to a total of 25 members.
2005 | VP Bank commences activities in Moscow
VP Bank (Schweiz) AG sets up a representative office in Moscow. The VP Bank Group
receives an A rating from Standard & Poor's, thereby making it one of the few officially
rated private banks in the Swiss franc region.
To ensure that EU investors pay their taxes even when they earn income on their capital
abroad, the EU introduces an automatic exchange of information on savings income. It
agrees with Switzerland and Liechtenstein on levying a 15 percent withholding tax on
savings income earned by EU citizens (2008: 20 percent; 2011: 35 percent).
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2006 | New representative office in Hong Kong
The VP Bank Group celebrates its 50-year anniversary. A new representative office is
opened in Hong Kong; preparations are made for the establishment of new units in Singapore and Dubai. A Group-wide market organization is introduced and a banking software package that can be utilized on a Group-wide scale is evaluated. With «OPR - Organize, Perform, Remunerate», the Bank introduces a modern, market-consistent compensation model that is in harmony with its flat hierarchical structure. The Group employs
611 individuals. Total assets amount to CHF 9.5 billion (2005: CHF 8.2 billion) and client
assets under management have risen by one-third since 2003 from CHF 25.8 billion to
stand at CHF 35.5 billion (2005: CHF 30.1 billion). Group net income and gross income
reflect solid growth and profitability: the Bank records consolidated net income of CHF
135 million (2004: CHF 122 million) and gross income (net operating income less operating expenses) of CHF 174 million (2005: CHF 162 million).
Rumania and Bulgaria are accepted into the EU. The EU adopts the Markets in Financial
Instruments Directive (MiFID) to create a uniform market for securities. The Asset Management Act enters into force at the beginning of the year. Liechtenstein repeals the
capital tax on investment fund assets, thereby increasing the Principality's attractiveness
as domicile for investment funds.
2007 | VP Bank opens asset management companies
As additional pillars in the Middle and Far East, VP Bank opens asset management companies in Dubai (April) and Singapore (September). As the first bank in Europe to have
done so, VP Bank receives ISO 20,000 certification for its IT unit. In December – six
months earlier than anticipated – it earns the level of "Recognized for Excellence" from
the European Foundation for Quality Management (EFQM), with four of the five possible
stars. In June, Verwaltungs- und Privat-Bank Aktiengesellschaft places for the first time in
its history a bond issue in the amount of CHF 250 million.
The US subprime crisis in the summer of 2007 ultimately exerts an impact on the major
Swiss banks. Writedowns in the billions are announced and lead to a global crisis of
confidence in the financial industry. Crude oil and gold prices hit record levels toward the
end of the year. The euro reaches a new high, while the US dollar continues to weaken.
In Liechtenstein, the "Futuro" project is working on a vision for the financial center that
takes into account the Principality's overall needs. The goal is to ensure sustainable longterm growth. The vision is based on traditional strengths and focuses on private wealth
management. As a part of this, the financial center desires to exploit more than ever
before the opportunities that arise from the Principality' membership in the European
Economic Area (EEA).
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2008 | VP Bank Group receives banking license
In June, the VP Bank Group receives a Singapore banking license from the MAS (Monetary Authority of Singapore). VP Bank (Schweiz) AG moves into offices at the old stock
exchange on Bahnhofstrasse 3 in Zurich. In 2008, the new Avaloq banking software
package is scheduled for introduction at VP Bank.
2009 | CEO Adolf E. Real leaves VP Bank
The global financial crisis, generally waning confidence in banks following the collapse of
Lehman Brothers, as well as the tarnished reputation of the Liechtenstein financial center,
all had a significant influence on the VP Bank Group. In early 2009, the Bank acted in the
best interest of its clients by opting to take over certain securities from the VP Bank Cash
& Money Market Fund and add them to its own financial investments account. This led
among other things to the need for further provisions, which in turn resulted in a consolidated loss for the Group in its 2008 financial year. At mid-year, the departure of longstanding CEO, Adolf E. Real, also had an impact on VP Bank. However, the Group’s
stable first-half financial figures announced in late August of 2009 highlighted the fact
that the previously introduced measures were gaining traction and producing the desired
results. In September, a more streamlined, efficient and client-oriented credit approval
process was introduced: for example, the throughput time for standard mortgage applications has been shortened from five days to what is now a single day thanks to the
reduced complexity of the approval process and the efficiency afforded by new competency rules that flow down to the level of Client Advisor. Late in the year, Treasury Management at the VP Bank Group was restructured: the Group-wide Treasury department is
now the hub for any and all activities of relevance to the balance sheet.
In 2009, Liechtenstein signes thirteen international agreements governing cooperation in
tax-related matters. As a result, the Principality was taken off the so-called “gray list” of
the OECD. For Liechtenstein, it has mainly been the treaties with major countries such as
the USA, Great Britain, Germany and France that have had a positive effect in terms of
credibility, reputational gains and legal certainty for clients. The Liechtenstein banks also
stood out in 2009 for their financial strength and stability. In comparison to European
banks as a whole, they are highly capitalized and had no need for government support
during the financial crisis. They traditionally are not involved in the investment banking
area, preferring instead to concentrate on private banking and wealth management.
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2010 | Roger H. Hartmann becomes new CEO of VP Bank Group
On 4 February 2010 – Verwaltungs- und Privat-Bank Aktiengesellschaft’s Board of Directors chooses Roger H. Hartmann as VP Bank Group’s new Chief Executive Officer. On
April 1, 2010, he takes over his new function from Fredy Vogt, who has provisionally
managed VP Bank for the last five months.Leadership experience in international private
banking combined with knowledge of VP Bank’s major markets and client segments were
the most important criteria in the search for the right person to fill the post of Chief Executive Officer.
VP Bank Group’s Board of Directors is pleased to be able to introduce Roger H. Hartmann, a CEO who meets this profile in every respect. The 52-year-old Swiss brings extensive international experience in private banking and in VP Bank Group’s key markets;
he has also proven his leadership skills in various corporate settings and processes of
change.
As of 2010, VP Bank closes the asset management company in Dubai.
2011 | Equipped for the future
For VP Bank, 2011 is a year of transition, one in which the pieces are put in place to meet
the challenges of tomorrow. Luxembourg is now the last of the VP Bank Group locations
to commence work with the new Avaloq banking software package. Going forward, this
will make it easier and more efficient to conceive products and services for the entire VP
Bank Group and individually adapt them to the specific needs of our clients.
In the years to come, VP Bank’s business model will continue to attach the greatest value
to its long-standing regional client business as well as its international private banking and
intermediaries businesses. This is evidenced by the more clearly regulated and differentiated tasks of Group Executive Management members and members of Executive Management at the head office in Vaduz. In future, what is still VP Bank’s most important
market segment – “Banking Liechtenstein & Regional Market” – will be represented in
Group Executive Management. In terms of the Liechtenstein headquarters, Executive
Management will now include the Head of Commercial Banking, a move that underscores the significance of this business in VP Bank Group’s home market.
2012 | Fredy Vogt appointed chairman
As was announced at 2011 annual general meeting, Hans Brunhart steps down after 18
years on the Board of Directors, of which 16 years as chairman. Fredy Vogt is elected to
the Board of Directors as his successor, and is appointed chairman at the inaugural meeting of the Board of Directors held immediately following the annual general meeting.
Fredy Vogt has worked for VP Bank in various functions since 1987 and has been a
member of Group Executive Management since 1996. He was Chief Financial Officer
(CFO) of VP Bank Group, Deputy Chief Executive Officer (CEO) and Head of the Corporate Center. In the latter function he was responsible up until the end of March 2012 for
the central staff functions Group Finance & Risk, Group Legal Services & Compliance,
Group Tax Center, Group Communications & Marketing and Group Human Resources
Management.
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2013 | Alfred W. Moeckli becomes new CEO of VP Bank Group
On 1 May 2013, Alfred W. Moeckli takes over the management of VP Bank as its new
CEO. He brings to the Bank extensive experience in all areas of the banking business
and has proven his management skills at various companies.
As of 1 July 2013, the two client-oriented business units “Banking Liechtenstein &
Regional Market” and “Private Banking International” are combined to create the new
“Client Business” division. Since 1 October 2013, Christoph Mauchle bears responsibility for the division as “Head of Client Business”.
VP Bank continues to pursue its growth strategy in 2013 by taking over the private
banking activities of HSBC Trinkaus & Burkhardt (International) SA as well as the private banking related fund business of HSBC Trinkaus Investment Managers SA in
Luxembourg. This asset deal reflects our strategic aim to grow both in terms of the
mid-range private banking segment and the intermediaries business. Simultaneously,
the importance of the fund business at our Luxembourg location is being accentuated,
as is the fund competence of the entire VP Bank Group.
In conjunction with the aforementioned sharper focus on two business fields, the
Board of Directors in 2013 resolves to divest the Group’s fiduciary companies. The IGT
Intergestions Trust reg. subsidiary in Vaduz is separated from VP Bank Group via a
management buyout.
In the same vein, the structures of the VP Bank and Trust Company (BVI) Limited
holding company in Tortola on the British Virgin Islands, which has been a longstanding joint venture with Liechtenstein-based Allgemeines Treuunternehmen (ATU),
has been tranched off. At the end of 2013, VP Bank Group acquires full ownership of
VP Bank (BVI) Limited and cedes the other financial interests to ATU.
In the fall of 2013, the Government of Liechtenstein publicly announces its “Governmental declaration on international tax cooperation”. With this declaration, it formally
acknowledges the applicable OECD standard regarding international tax cooperation
and subsequently signes the OECD and European Council convention on mutual
administrative assistance in tax matters. By doing so, Liechtenstein has reinforced its
commitment to implementing the standards on transparency and the exchange of
information, and thereby the integrity and reputation of the Liechtenstein financial
centre.
2014 | VP Bank is “safely ahead”
In April 2014, the VP Bank Annual General Meeting approves the proposed resolution to
change the company name from “Verwaltungs- und Privat-Bank Aktiengesellschaft” in
“VP Bank AG” (VP Bank SA, VP Bank Ltd). The short and succinct company name is
easier to understand and reflects the “VP Bank” brand name already in use.
“Safely ahead” is the new marketing slogan for VP Bank. It reflects the company’s way of
thinking and differentiates from the competition.
VP Bank realises the “Apollo“ programme. It comprises establishing a clear positioning in
the private banking and intermediaries businesses, the optimisation of the product and
services lines for the various client segments and exploiting the potential for additional
efficiency gains in the client advisory segments.
In Mai 2014, VP Bank holds its first Investors Day, inviting investors, analysts and sharepage 15/17
holders to Liechtenstein.
In December 2014, VP Bank announces that VP Bank Group is to take over Centrum
Bank of Vaduz, Liechtenstein, in a merger.
With a guideline, Liechtenstein banks commit themselves to uniform minimum standards
with regard to due-diligence obligations to be fulfilled regarding compliance with tax
laws by their clients. These are to be followed prior to the commencement of a client
relationship and acceptance of new assets using a risk-based approach, and further
clarifications are required in the event that there exists an increased risk of non-compliant
tax behaviour. The guideline lists by way of example various factors which either increase
of diminish risk which banks are to take into account. Should the clarifications not lead to
a plausible result, banks shall decline to enter into banking relationships and accept
assets.
The guideline also contains restrictions in the case of cash transactions. As cash transactions have enormous potential in promoting tax avoidance, tax fraud or other tax offences, the provisions regarding cash payments have been tightened across the board. Thus,
cash payments with a counter-value exceeding CHF 100,000, inter alia, are only allowed
whenever it appears plausible that no tax offence has thereby been committed or carried
on. In addition, banks are obligated to provide for special control mechanisms for such
cash payments in their internal operating procedures/business rules.
2015 | VP Bank and Centrum Bank: two banks – one future
VP Bank’s merger with Centrum Bank represents an important growth milestone for
VP Bank Group. The acquisition of Centrum Bank, Liechtenstein’s fourth-largest financial
institution, brings client assets totalling CHF 7.1 billion.
VP Bank successfully issues a CHF 200 million bond in two tranches. This bond offering
provides VP Bank with its first long-term instrument to refinance the long-term loan
book. The bond also protects against the possibility of rising interest rates over the long
term.
In May, VP Bank’s second annual Investors Day is held, with around 30 shareholders,
investors and analysts attending. Adrian Hasler, the Prime Minister of Liechtenstein, is
the keynote speaker.
As part of a public buy-back offer, VP Bank is repurchasing its own bearer and registered
shares. The repurchased shares are intended to be used for future acquisitions or treasury management purposes.
On 15 January 2015 the Swiss National Bank abandones the exchange rate floor of CHF
1.20 per euro, adjustes the target range for three-month Libor and introduces negative
interest rates of 0.75% on deposits with the SNB above a predetermined amount. These
measures all causes tremendous market upheavals. The Swiss franc appreciates rapidly
while Swiss franc interest rates plunge to record lows in 2015, including some falling into
negative territory.
Liechtenstein enters into double taxation agreements with Switzerland, Hungary, Andorra and the United Arab Emirates, and negotiations are under way with Monaco.
As early as 14 November 2013, Liechtenstein’s government declared its commitment to
the new global standard for the automatic exchange of information (AIA) and joined the
so-called early adopters group. Negotiations between the European Union and the Principality of Liechtenstein over the amendment to the existing EU income tax agreement
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are completed with the initialling of an agreement at 29 July 2015. The agreement calls
for the exchange of information in accordance with the new global AIA standard.
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