Liechtenstein-based VP Bank Group is to expand the executive board at its Vaduz head office at the beginning of 2013, promoting Martin Engler, head of private banking for Liechtenstein, and Günther Kaufmann, head of intermediaries and transaction banking, to the board.

The changes come as VP Bank strategically focuses towards private banking for high net worth individuals and business transactions with intermediaries, and is increasing the responsibilities at the local offices, the firm said.

“In promoting the heads of the two client advisory segments in Liechtenstein, the board of directors is underlining the bank’s increased orientation towards market and client needs,” it said in a statement.

As of 1 January 2013, the board of the Vaduz head office will consist of the members of group executive management of VP Bank Group: chief financial officer Siegbert Näscher and chief operating Officer Juerg Sturzenegger, as well as the head of commercial banking, Rolf Jermann, and the new members Martin Engler and Günther Kaufmann.