VP Bank Group, the Liechtenstein-based private banking firm, has appointed Roger Hartmann as its new chief executive, effective as of 1 April.

Mr Hartmann will take over from Fredy Vogt, who has held the CEO role on an interim basis for the past five months since the resignation of Adolf Real. Following the accession of Mr Hartmann, Mr Vogt will revert to his former role as chief financial officer.

While Mr Hartmann is currently a partner at Ernst & Young Luxembourg, he had previously amassed over 20 years of experience in private banking with UBS and spent his last six years with the Swiss banking giant as CEO of UBS Luxembourg.

“Roger Hartmann has excellent qualifications for his function as CEO. With his private banking experience, particularly in Switzerland, Singapore and Luxembourg, as well as his impressive network and know-how in private bank positioning in various jurisdictions, he is able to shape VP Bank Group’s strategic development to a considerable degree and further develop the existing organisation with consistence and sound judgment,” Hans Brunhart, chairman of VP Bank Group’s board of directors, said in a statement.

VP Bank Group last month announced that it is to close its Dubai-based asset management company, having decided to no longer have a permanent base in the emirate.

The firm said it will however continue with plans to grow its client base in the Near and Middle East, but will serve these clients out of its offices in Liechtenstein, Switzerland, Luxembourg, the British Virgin Islands and Singapore. VP Bank Group also said that following the closure of the Dubai office resources would be re-deployed to expand its existing banks in Zurich and Singapore.