VP Bank, the Liechtenstein-headquartered private bank, is streamlining its organisation and cutting personnel in its group executive management from next year. The chief operating officer is to leave the firm.

VP Bank, the Liechtenstein-headquartered
private bank, is streamlining its organisation and cutting personnel in its
group executive management from next year, partly driven by new banking
regulations, it said today. The chief operating officer is to leave the firm.

Group executive management will be merged with the executive
board at the head office in Vaduz
in a dual role as of 1 January 2014. Going forward, the organisational structure
will consist of the chief executive, client business and chief financial
officer and banking services business units.

“The motivation for reducing personnel in group executive management
from 1 January 2014 lies not only in new banking sector regulations, but is
also driven by the set aim of establishing an efficient client- and market-oriented
management structure,” VP Bank said.

Chief operating officer Juerg Sturzenegger has decided to
leave the bank at the end of this year. In the past five years, Sturzenegger –
in his 2009 to 2010 role as chief executive of VP Bank (Switzerland) Ltd. and in subsequent
roles – implemented “vital strategic projects and extended the range of services
offered, especially in investment management and other product divisions,” the
bank said.

Martin Engler, head of Private Banking Liechtenstein,
Günther Kaufmann, head of intermediaries and transaction banking and Rolf
Jermann, head of commercial banking – all current members of the executive board
at the head office in Vaduz
– will from 1 January 2014 be concentrating all their efforts on developing
their respective areas of responsibility and will step down from the executive board.

The executive board in Vaduz
will consist of CEO Alfred Moeckli, head of client business Christoph Mauchle
and chief financial officer and head of banking services Siegbert Näscher.