VP Bank has opened an asset management company in Singapore: VP Wealth Management (Singapore) which the company says represents the first step in the process for obtaining a banking licence in the city state. The new company is headed by managing director Reto Isenring, who has been with VP Bank since 2006 and who will also be tasked with building up the planned bank in Singapore. The Liechtenstein-based bank expects that the banking licence will be granted in the next few months.