Business VP Bank: Hard decision after impairment

VP Bank: Hard decision after impairment

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The VP Bank had in the Wake of the market value adjustment distortions make. Now the consequences: The head of Finance and risk head of to follow need to go.

The VP Bank separates from her longtime CFO Siegbert Näscher as well as the risk of head Monika Vicandi. Both leave the VP Bank, the Liechtenstein financial institution, in March, a value adjustment of CHF 20 million on a single Position has had to make, such as from a communication from the Friday show.

The VP Bank now I have reorganized the credit area, as well as the responsibilities of the division’s newly regulated. Therefore, the CFO had decided to Naescher, immediately from the Bank to withdraw. Vicandi, since the 2017 General Counsel and Risk Director, will leave the Bank by mutual consent.

Almost a quarter of the annual profit

CEO Paul Arni is quoted in the statement, the disciplined risk-taking is an important prerequisite for the success of the Bank. “A strong risk management, with a strong understanding of the processes and the close cooperation of all parties are important components of our growth strategy.”

These are clear words in the direction of the chief financial officer and Risk Manager. That a single position caused a loss of 20 million Swiss francs – nearly a quarter of the annual profit of 2019.

Changes in Luxembourg

For Gourmets, the head of Group Finance at VP Bank assumes, Roger Barmettlerthe leadership of the business unit ad interim. Vicandis tasks are now in the meantime Rolf Steinerthe head of the CEO Office. There is also the responsibility for credit risk management is now available.

As VP Bank group reported that leaves the CEO of the Luxembourg subsidiary, Thomas Steigerthe Institute in November at an early stage. He wanted to allow for the accelerated implementation of the measures, it was said to. Until the appointment of a successor to the head of Client Business in Luxembourg takes over, Claus Joergensen, on an interim basis, the Board of VP Bank (Luxembourg).

What is the influence of the corona crisis on the financial sector?

  • The business is picking up again, and the financial houses will create new jobs.

  • Many financial institutions are cautious to calculate and only limited new jobs create.

  • Most of the financial houses to reduce up to 20 percent of their Bodies.

  • It will come to a deforestation – the digitization will destroy up to 40 percent of the Jobs.

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