The wealth manager is hiring a well-known private banker to oversee its activities with Asia's wealthy.
Liechtenstein-based VP Bank is naming Pamela Hsu Phua as CEO of its bank in Asia, effective July 1, it said in a statement on Wednesday. Her hire explains the abrupt resignation last month of Singapore CEO Bruno Morel for personal reasons.
Phua is a wealth industry veteran who was the first banker to defect to Pictet two years ago when the Swiss wealth manager began recruiting heavily. She spent nearly two years running a new family office unit at Pictet. Previously, she was Julius Baer's head of intermediaries in the region.
Asia Figures In Target
Asia plays prominently in VP Bank's «Strategy 2026,» which targets net revenue of 100 million Swiss francs ($109.35 million) in five years, with a significant contribution coming from the region.
The bank has also maintained its expansion momentum in Asia, despite the ongoing coronavirus pandemic. Alongside Phua, VP is also hiring Heline Lam from Pictet as chief staff for VP Bank Asia, effective May 1. Lam will report to Phua.
