VP Bank, the third-largest bank in the principality of Liechtenstein, has opened an asset management company in Dubai under the name of VP Wealth Management (Middle East). The Dubai subsidiary will cultivate markets primarily in the Arabian region, India and Pakistan. Adolf Real, chief executive officer of the VP Bank Group said: “Following the opening of our representative office in Hong Kong, the commencement of operating activities in Dubai represents the second step in our efforts to position VP Bank as an exclusive private bank in the Middle and Far East”. The new Dubai-based asset management company is headed by managing director Guido Lenherr, who has already been active in these markets for a number of years, according to a statement from the bank. VP Bank plans to open an additional asset management company in Hong Kong and a bank in Singapore by the end of 2007.