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VP Bank hopes to get the impact of the second round of the CS disaster

VP Bank hopes to get the impact of the second round of the CS disaster

The Liechtenstein Private Bank was not a major beneficiary of Credit Suisse’s “bank management”. However, VP Bank hopes for a second wave of postponements.

Tom Mayer The Swiss president at the helm of VP Bank in Liechtenstein is hoping for an influx of assets from former clients of Credit Suisse (CS).

After the ‘banking run’ last March, which culminated in the forced takeover of the big bank by rival UBS, CS clients are now looking for new custodial banks. “We hope to be part of that reallocation,” Meyer said at a news conference about the half-year numbers on Thursday.

Avoid cluster hazards

That’s why Meyer believes in the “second wave” like herself Romeo laughed President of Zurich Private Bank Julius Baer Vs photographed. After the merger with UBS, it is likely that CS clients will face a concentration of risks – and will consider shifting their assets to the competition. It makes sense that Meyer would go back to Julius Baer’s long career, including a position as President of Asia at the traditional company.

If you look at the first half of 2023, it seems that the Liechtenstein group did not benefit greatly from the inflows from the CS; New money amounted to 400 million francs, although during this period there were “forced inflows” of 300 million francs worth of business with Russian customers. In the end, the net new money remained CHF 100 million.

More outflows due to Russian business

VP Bank no longer accepts clients associated with Russia; Since Russia’s attack on Ukraine and the numerous sanctions against Russian individuals and companies, business has been deemed effectively off-limits. The institute now assumes that another 600 million Swiss francs will flow from the bank in this regard in the second half of the year.

Are sustainable investments still needed?

  • Yes, this is a huge trend that will remain.

  • Yes, but to a lesser extent.

  • Demand rises and then falls again.

  • No, demand is declining.

  • No, sustainable investing is no longer relevant in the new macro environment.