NEW YORK/HONG KONG — Private banking specialist Bank Asia’s Hong Kong office will be closed after the vice president of Bank Asia resigned as chief executive officer and chief operating officer on Thursday, according to people familiar with the matter. Ru.
VP Bank Asia CEO Pamela Soo Phua and COO Heleen Lam cited differences in expectations from the company’s headquarters as the reason for their resignations, multiple sources said. He is said to be familiar with the resignation.
VP Bank confirmed his resignation and said it would continue to focus on Asia through its Singapore operations.
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“Nothing changes for existing customers. They will continue to receive advice locally as part of our fly-in, fly-out model,” the bank said in an email. “The Asia region, where VP Bank has recorded double-digit growth rates in its brokerage business in recent years, remains important for the bank.”
Mr. Pua joined Liechtenstein-based VP Bank in July 2021 after spending two years at Pictet as head of the Asia Family Office. She worked in the private banking divisions of Julius Baer and Credit Suisse.
Lam was appointed chief operating officer (COO) in April this year after serving as chief of staff in Hong Kong for more than three years.
It’s unclear when the Hong Kong office, which has nine staff including a relationship manager, will close permanently, but the company is already in talks with the city’s regulators, the people said.
VP Bank is one of the largest banks in Liechtenstein and established its Hong Kong office in 2006. We opened a Singapore office in 2007 and received a banking license from the Monetary Authority of Singapore the following year.
VP Bank’s closure comes as other wealth managers also shift their focus to other Asian markets such as Singapore. Swiss manager GAM Investments will close its Hong Kong office after 39 years and move some investment professionals to its Singapore office.
Faced with competition from Singapore, the Hong Kong government has stepped up plans in recent years to attract global wealth to Hong Kong, including encouraging the establishment of family offices. The two cities have been competing to funnel mainland China’s wealth overseas as the domestic economy struggles to recover and the mainland’s stock market underperforms.
VP Bank signed a cooperation agreement with Hywin Wealth Management in 2021, acquiring a 3.4% stake in the parent company. Hywin was one of China’s largest real estate asset management product providers, but was hit hard by the downturn in the country’s real estate market. VP Bank said it no longer distributes Hywin’s real estate products.
To strengthen its position as a financial hub, Hong Kong amended its law last year to exempt Hong Kong family office profits from taxes, but Hong Kong’s efforts to become a regional wealth hub have not won favor with the ultra-wealthy. It didn’t last.
However, some companies still have a presence in Hong Kong. Swiss private equity firm Partners Group announced it would open a Hong Kong office in June to attract Chinese wealth offshore, while Singaporean banks such as OCBC and DBS are hiring private bankers in Hong Kong this year. It is being strengthened.
