Detail Media release

Annual general meeting of VP Bank: All motions approved

Vaduz, April 30, 2010 – At the 47th annual general meeting of VP Bank, all motions put to a vote by the Board of Directors were approved.

On Friday, April 30, 2010, the 695 shareholders in attendance at the 47th ordinary annual general meeting of VP Bank voted in favor of all proposals put to a vote by the Board of Directors: the company’s 2009 annual financial statements, the payment of a dividend of CHF 3.50 per bearer share and CHF 0.35 per registered share, as well as the release of the Board of Directors, Group Executive Management and auditors, were all approved.

Reelection to the Board of Directors

In keeping with the prescribed rotational procedure, Board members Roland Feger, Markus T. Hilti and Dr. Guido Meier stood for reelection. All three gentlemen were confirmed for an additional three-year term of office. Ernst & Young were also reelected as Group auditors and statutory auditors for a further mandate term of one year.

Favorable point of departure

For VP Bank, the 2009 financial year was shaped by three major factors: a stabilization of the company’s financial figures, the return to profitability, as well as the economic, political and regulatory developments in Liechtenstein.

Hans Brunhart, Chairman of the Board of Directors, commented on the future evolution of Liechtenstein as a financial center: «Following a phase of being on the defensive, the Liechtenstein financial center should now take the offensive, not only through increased presence in countries of importance to us, but also by systematically exploiting the domestic opportunities in terms of lawmaking. Liechtenstein, with its banks, trust companies, external asset managers and investment fund industry, still has a lot going for it: the favorable political and economic circumstances are one example, but our financial service providers’ insistence on outstanding quality is of equal importance in this regard.» The justification of this claim is evidenced by the fact that Liechtenstein banks have been able to hold their own successfully also in countries where banking secrecy plays no role. That also applies to the subsidiaries of VP Bank, Brunhart added in his outlook for the future.

Fredy Vogt, Chief Financial Officer, who in the recent past headed VP Bank for a half-year as interim CEO, took a look back at the 2009 financial year: «Our results demonstrate that the overall market remains a challenge. We have achieved a six percent reduction in general and administrative costs, significantly lowered the market risks in our balance sheet, considerably improved the Bank’s liquidity standing, recorded sizeable gains on our proprietary investments as a result of the financial market recovery, managed in the second half of the year to stem the outflow of client funds almost entirely, and have maintained our client assets under management at a stable level during the first quarter of 2010.»

On February 3, 2010, the Board of Directors appointed Roger H. Hartmann as new Chief Executive Officer of VP Bank.

Clear positioning

In his remarks to shareholders, new CEO Roger H. Hartmann reaffirmed the orientation of VP Bank: «VP Bank Group is well positioned in today’s changed business environment. Our core business is international private banking, and cultivating that market calls for outstanding competency, a continuous dialogue with clients, and the staunch protection of privacy. We are resolutely pursuing the expansion of our private banking business, developing further our business with asset managers and fiduciaries, and simultaneously catering to the needs of commercial, mortgage and retail clients in the Liechtenstein market and eastern region of Switzerland. In doing so, we attach the greatest value to safeguarding our clients’ sphere of personal privacy.»