Media release

VP Bank announces organisational updates and new appointments in Asia

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VP Bank in Asia aims to further drive growth in the second half of Strategy 2026 with an optimised organisation structure, focusing on sustainable business expansion for its key business segments and target markets.

Organisational Updates (with effect from 1 July 2024)

1. In addition to her current role as Chief Executive Officer Asia, Pamela Phua will assume the dual role of the Head of Singapore Branch to ensure a seamless transition as Johnny Heng will be stepping down to pursue other opportunities.

2. Michel Hofstetter, currently Team Head, Intermediaries, will assume the role of Head of Intermediaries Singapore, reporting directly to Pamela Phua, CEO Asia & Head of Singapore Branch (effective 1 July 2024). Michel, an industry veteran with more than two decades of experience working with Intermediaries, joined VP Bank in 2022. In his new role as Head of Intermediaries Singapore, he will focus on further growing the Bank's Intermediaries business and increasing share of wallet in the market. With financial intermediaries at the core of VP Bank’s business, this appointment underscores our unwavering dedication to this important segment.

We remain focused on delivering value to our employees, clients and partners.

Pamela Phua Chief Executive Officer Asia

3. VP Bank is also pleased to announce the appointment of Heng Yeow Kwang as Head of Private Banking Singapore as of June 2024. Yeow Kwang brings more than 30 years of wealth management experience and will report directly to Pamela Phua. In his role, he will be responsible for deepening VP Bank's presence among Private Clients in the Asia region. This appointment also reflects VP Bank's continued commitment to its Private Banking business as the primary complement to its Intermediaries business. Yeow Kwang 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.

"I am delighted to welcome Yeow Kwang to the VP Bank family and would also like to congratulate Michel on his new role. These new roles and responsibilities will be instrumental in enhancing our competitiveness and differentiation in this dynamic industry. At the same time, I would also like to thank Johnny for his contribution and wish him all the best in his future endeavours. I look forward to driving the bank towards our Strategy 2026 goals and consolidating our position in the industry. We remain focused on delivering value to our employees, clients and partners," said Pamela Phua.

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