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Wealth Management / On The Move
VP Bank names Singapore, PB, intermediaries heads
Pamela Phua, Michel Hofstetter, Heng Yeow Kwang moves aim to enhance competitivenessa
The Asset 10 May 2024

Liechtenstein-based VP Bank in Asia, as part of its efforts to drive growth in the second half of its Strategy 2026 plan, which has an optimized organization structure focused on sustainable business expansion for its key business segments and target markets, has made three personnel moves.

Pamela Phua, in addition to her current role as CEO for Asia, will assume the additional role of head of Singapore branch to ensure a seamless transition as Johnny Heng will be stepping down to pursue other opportunities.

Michel Hofstetter, currently the bank’s team head for intermediaries, will assume the role of head of intermediaries Singapore, reporting directly to Phua. Hofstetter, an industry veteran with more than two decades of experience working with intermediaries, joined the bank in 2022.

In his new role, he will focus on further growing the bank’s intermediaries business and increasing its share of wallet in the market. With financial intermediaries being at the core of the bank’s business, this appointment, the bank states, “underscores our unwavering dedication to this important segment”.

The bank has also appointed Heng Yeow Kwang as its head of private banking (PB) for Singapore. Heng brings more than 30 years of wealth management experience and will report directly to Phua. In his new role, he will be responsible for deepening the bank’s presence among private clients in the Asia region. This appointment, the bank says, reflects its “continued commitment to its private banking business as the primary complement to its intermediaries business”.

Heng was most recently market head for Indonesia, Philippines and Japan at UOB Private Bank and has worked at Bank of Singapore, Credit Suisse, Deutsche Bank and Nomura Securities during his extensive career in the financial industry.

“These new roles and responsibilities will be instrumental in enhancing our competitiveness and differentiation in this dynamic industry,” Phua adds. “I look forward to driving the bank towards our Strategy 2026 goals and consolidating our position in the industry.”

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