VP Bank is closing its Hong Kong office following the resignations of Asia CEO Pamela Hsu Phua and COO Heline Lam.
The decision comes after Phua and Lam reportedly left due to disagreements with the bank’s leadership in Liechtenstein regarding its strategic direction.
A VP Bank spokesperson confirmed the resignations and the office closure, with Hong Kong clients now being served from the Singapore branch.
The Hong Kong office, established in 2006, had nine employees, including Will Wang, who recently became head of wealth management. The bank will provide more details at its upcoming annual media briefing on August 20.
Phua, who joined VP Bank Asia in July 2021, previously led Pictet’s family office business in the region and held senior roles at Julius Baer, Credit Suisse, and BNP Paribas.
Lam, initially recruited as chief of staff Asia in May 2021, was promoted to COO Asia in April. VP Bank has faced significant changes this year, including the resignation of group CEO Paul Arni and a focus on cost reductions following a sharp drop in net profit.
The bank also made several leadership changes in its Asia operations, including the promotion of Phua and new hires in Singapore.
