VP Bank gets simplified access to German market
The Swiss branch of Liechtenstein’s VP Bank has secured simplified access to the German market. This allows the bank to expand its cross-border asset management and investment consultancy for clients in Germany.
VP Bank (Switzerland) AG has secured the necessary exemption from the German Financial Supervisory Authority (BaFin) under the simplified procedure, which entails simplified access to the German market. The bank will also be able actively to acquire new clients domiciled in Germany – without being obliged to set up a permanent establishment there or cooperate with another financial institution.
VP Bank (Switzerland) AG writes in a statement that it is “one of only a small number of Swiss private banks to date” to secure the simplified access, giving the Swiss branch of Liechtenstein’s VP Bank a competitive advantage over other private banks.
“Cross-border asset management and investment consultancy for clients domiciled in Germany are established parts of our core business. Because of the rules that are applicable in Germany, however, we have had only limited access to this,” explained Antony Lassanianos, CEO of VP Bank (Switzerland) Ltd, in the statement. “The exemption grants us significantly simplified access and improved conditions to develop the market in Germany.”