VP Bank said its Singapore business has been upgraded into a branch, from a wholly-owned subsidiary previously. The firm said the move from merchant banking license to a wholesale one in the city-state is part of an expansion bid in Asia.

Asia is one of VP's biggest target markets. The bank has bulked up considerably recently, including adding Julius Baer's former head in Asia, Thomas Meier, to its board. While VP lost Singapore private banking head Andrew Tjia to BMO late last year, it added French private banker Bruno Morel and Karen Tan from CIC as well as Kimmis Pun from Standard Chartered.

The bank now employs 67 in Singapore, where it opened up ten years ago. Morel runs the Singapore branch.