VP Bank Singapore has confirmed that the erstwhile head of private banking, Patrick Donaldson, is no longer with the bank.

VP Bank (Singapore)
has confirmed that the erstwhile head of private banking, Patrick Donaldson, is
no longer with the bank.

“Patrick pursued another career option in a different
industry. We already have found a replacement with an experienced senior
private banker who will head our private banking business in Singapore,
starting in January,” a spokesperson for VP Bank told this publication, but
gave no further details.

Recently VP Bank has parted company with experienced private
bankers including Ian Pollock, now head of North Asia for ABN AMRO Private Bank
and former managing director for VP Bank (Singapore), Reto Isenring, who has
since been installed as the Chief executive of Banque Internationale à
Luxembourg’s Singapore branch.

The Liechtenstein headquartered bank had previously hired
aggressively in both its Hong Kong and Singapore offices, recruiting
seasoned private bankers from Clariden Leu, HSBC, Barclays and Julius Baer in
an attempt to garner market share in the ultra-competitive offshore private banking
space.

VP Bank's Asian business is represented by offices in Singapore and Hong Kong.
Its other subsidiary companies with banking and asset management licences are
in Switzerland, Luxembourg, the British Virgin Islands and Moscow.

Rajagopal Govindarajoo, who most recently served as
executive director and head of operations at Chinatrust Commercial Bank in
Singapore, took over as Singapore CEO at VP Bank on 1 September this year.