It has also upgraded from a merchant bank license to a wholesale banking license.
Liechtenstein-based private lender VP Bank has upgraded its subsidiary in Singapore into a full branch as it aims to capture the growing market opportunities in the Asia Pacific, according to a press statement.
VP Bank (Singapore) Ltd has correspondingly transferred the assets and liabilities of its business in Singapore to the newly established branch.
The lender’s license in Singapore has also been upgraded from a merchant bank license into a wholesale banking license with provides the bank with more options to grow and enhance its product offerings.
The changes kicked into effect on September 1.
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