Liechtenstein-based boutique bank VP Bank is making its Singapore subsidiary to a full branch in an attempt to get more business in the country. The bank has been present in Singapore for 10 years. Its Singapore chief executive Bruno Morel said the bank will upgrade its merchant bank license to a wholesale banking one for more freedom and capacity to handle its burgeoning regional business. The new entity will start operations in July. A wholesale banking license will allow the bank to offer the same range of services as full banks, except it faces certain restrictions pertaining to collecting Singapore dollar deposits, and it can have only one main branch.
