The German financial institution already has many Swiss customers. Opening a foothold in Zurich is a logical step, says the bank's CEO.
Munich-based V-Bank opened a Swiss representative office in Zurich, the first for the institution outside Germany, finews.com has learned. A spokesperson confirmed this information upon request.
The location is a point of contact for the approximately 60 Swiss asset managers and family offices that are clients of the Munich-based specialist bank. V-Bank intends to expand its business of custodial bank services for Swiss asset managers in Germany.
Swiss Financial Industry Experience
Richard Manger, Head of V-Bank in Zurich (Image: zvg)
The office is headed by Richard Manger, a Swiss market specialist. He was a member of the Board of Management and General Manager of the internationally active DZ Bank in Zurich and Luxembourg for several years, in addition to having been a member of the Supervisory Board, comparable to the board of directors in Switzerland, of V-Bank.
Gerhard Kosinowski is also a local contact, previously responsible for the asset management desk at DZ Bank in the Swiss banking center.
No Private Clients
Based in Munich, existing Swiss clients of V-Bank as well as potential new clients will be served by Dietmar Hubner. He built up V-Bank's business in Switzerland and has been responsible for independent asset managers in Switzerland for over a decade.
V-Bank CEO Lars Hille (Image: zvg)
The Munich-based custodian bank doesn't have a retail or wealth management business, so it's not in competition with its customers, nor does it issue any investment products.
Logical Step
«We already have several business partners in Switzerland who use our services. And of course, we also like to establish new contacts. Opening a representative office in Switzerland is therefore a logical step,» Lars Hille, CEO of V-Bank, told finews.com. The institution holds more than 43 billion euros ($45 billion) in custody for its business partners.
