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Urs Monstein has been appointed as the permanent CEO of VP Bank after serving as interim CEO since May 2024. The bank is undergoing restructuring, with key departures including CFO Roger Barmettler and CEO of VP Bank (Switzerland) Mara Harvey, as it aims to enhance client alignment and strategic transformation. Monstein emphasizes a focus on creating value for clients while maintaining cost discipline amidst recent financial challenges.
Urs Monstein has been officially appointed as CEO of VP Bank, having served in the role on an interim basis since May. Philippe Wüst will take over as interim CFO following the departures of Roger Barmettler and Mara Harvey, who will remain until year-end for a smooth transition. The bank is also undergoing a reorganization of its Group Executive Management structure.
Urs Monstein has been appointed as the definitive CEO of VP Bank after serving as interim CEO since May. The Board of Directors selected him following a review of candidates, citing his extensive experience in the financial sector and understanding of the bank's priorities.Additionally, VP Bank will see the departures of Head of Finance Roger Barmettler and Mara Harvey, Head of Europe, at the end of 2024. Monstein will temporarily lead the International Locations unit, while Philippe Wüst will serve as interim CFO.
Urs Monstein has been appointed as the Chief Executive Officer of VP Bank, having served as interim CEO since May following the abrupt departure of Pauls Arni. Monstein, who was previously the Chief Operating Officer since 2018, brings extensive experience from the financial sector, including a tenure at Julius Baer.
VP Bank is undergoing significant changes in its Executive Board, with CEO Paul Arni's recent departure prompting the appointment of Urs Monstein as the new Group CEO. CFO Roger Barmettler and CEO of VP Bank (Switzerland) Ltd, Mara Harvey, are also leaving, leading to a comprehensive restructuring of the organization. The new leadership will focus on enhancing the bank's strategy and operations amid challenges posed by falling revenues.
Urs Monstein has been appointed as the permanent CEO of VP Bank after serving as interim CEO since May. The bank also announced the departures of CFO Roger Barmettler and Mara Harvey, Head of Europe, with Monstein set to lead the International Locations unit temporarily. The executive management team will undergo restructuring, with new leadership roles assigned to enhance operational efficiency and growth.
Urs Monstein has been appointed as the permanent CEO of VP Bank after serving temporarily since May 2024, succeeding Roger Barmettler and Mara Harvey, who are leaving for new opportunities. The bank is reorganizing its structure to enhance client alignment and strategic transformation, with Monstein also overseeing the International Locations unit. The Board aims for cost efficiency and growth amid recent challenges, including poor financial performance.
VP Bank is experiencing a significant loss of experienced advisors, with 10 client advisors and 3 assistants moving to EFG, potentially transferring over $2 billion in client assets. EFG, led by CEO Giorgio Pradelli and Board member Boris Collardi, aims to establish itself as a leading private bank in Zurich amid ongoing consolidation in the sector. Collardi's strategic moves, including a stake in EFG and past successes, position the bank for substantial growth.
VP Bank shares declined by 1.92% to EUR 76.75 on October 31, 2024, though they remain stable with a month-on-month gain of 1.95%. The forecasted dividend yield of 5.46% for 2024, equating to EUR 5.00 per share, may attract investors seeking regular income. Valuation ratios present a mixed outlook, with a P/S ratio of 1.27 suggesting possible overvaluation, while a P/E ratio of 18.00 appears moderate.
German government bond prices remained stable after a previous decline, with the benchmark Euro-Bund futures contract down 0.03% to 131.46 points. The yield on ten-year Bunds stands at 2.41%, as better-than-expected economic data and rising inflation in the eurozone have influenced demand. Despite a 2.0% increase in consumer prices in October, the European Central Bank is expected to proceed with a rate cut in December amid ongoing wage negotiations and high inflation risks.
VP Bank AG
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vp bank appoints urs monstein as permanent ceo amid management changes
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