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VP Bank is facing significant turmoil, with profits plummeting over 50% to just under 19 million in 2024. CEO Mara Harvey has been dismissed, and two experienced customer advisors from the offshore division have resigned, raising concerns about the bank's future under operational-focused leadership. The management's inability to stabilize the situation has left many questioning the direction of VP Bank.
Luzerner Kantonalbank"s share price has underperformed compared to other cantonal banks, prompting political discussions about the Canton of Lucerne potentially reducing its stake from 61.5% to a minimum of 51%. Factors contributing to the decline include a delayed capital increase and a low free float of around 40%. While the government currently plans to maintain its stake, a revision of the ownership strategy is expected by summer 2025.
Thomas Meier, a cantonal councillor, has initiated a discussion regarding the canton’s 51 percent stake in Luzerner Kantonalbank. The Lucerne cantonal government has promptly addressed his inquiries about the bank"s share price, but Meier believes the conversation should continue.
VP Bank has appointed Urs Monstein as its new CEO, effective May 1, 2024. Monstein, who has been with the bank since 2018 and served as interim CEO, brings extensive banking experience from Credit Suisse and UBS. His leadership will focus on enhancing the bank's international wealth management and advancing digitalization while expanding into Asian and European markets.
Federal Councillor Elisabeth Baume-Schneider addressed concerns over the proposed abolition of lifetime widows' pensions, emphasizing the need for equality between widows and widowers. She defended the Efas healthcare reform against criticism, arguing it would ultimately reduce costs and improve outpatient care, while acknowledging public fears about potential premium increases. Baume-Schneider highlighted the importance of ongoing discussions among healthcare stakeholders to address issues like pediatric care and tariff negotiations.
Finma has mandated UBS to revise its contingency plan following the integration of Credit Suisse, emphasizing the need for enhanced options for reorganization or liquidation. The authority seeks improvements to ensure stability without taxpayer intervention, while UBS asserts its capacity for crisis management with a robust business model and significant loss-absorbing capacity.
Luzerner Kantonalbank's share price has plummeted from CHF 105.40 in 2018 to CHF 62.70, raising concerns among middle-class politicians. FDP cantonal councillor Thomas Meier has questioned the cantonal government about the bank's dividend policy and the lack of government representation on its Board of Directors, despite the canton holding a significant stake.
Thomas Meier
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