The lender is re-organising its credit business following a large adjustment on a single loan position, announced earlier this year.

Three of the most senior figures at Liechtenstein-based VP Bank are leaving, the bank said on Friday. In the case of two changes, the lender acted after a SFr20 million ($20.9 million) loan adjustment had been flagged back in March this year. 

Siegbert Näscher chose to leave as chief financial officer and departed on 19 June, it said. Näscher was head of group finance and, as of 2012, CFO and member of the group executive management at VP Bank. Roger Barmettler, head of group finance at VP Bank, will take over the interim management of the business unit.

As part of the bank’s reorganisation of its business, general counsel and chief risk officer Monika Vicandi, by mutual agreement, has also left the bank. Dr Rolf Steiner, head of the CEO Office, has become the interim chief risk officer, a role which now also includes credit risk management. 

Information on the successor to the CFO and the future general counsel and chief risk officer will be provided at a later date, it said in a statement on Friday. 

“The disciplined taking of risks is an important basic prerequisite for our Strategy 2025 and the sustained success of VP Bank. Sound risk management, a thorough understanding of processes and close cooperation between all parties are important components of our growth strategy. With the implemented measures, we are making VP Bank even more robust for the future and creating important prerequisites for the long-term business success of VP Bank,” Paul Arni, the group’s chief executive, said. 

Luxembourg change
VP Bank (Luxembourg) is getting a new CEO ahead of schedule because the current post-holder, Thomas Steiger, has stated that he wants to go before 1 November 2020, as planned.

Until a succession is appointed, the head of client business, Luxembourg, Claus Jøergensen, will assume interim management of VP Bank (Luxembourg), it said.