The hire is part of a wider Asia expansion strategy by the bank.

VP Bank (Singapore), part of Liechtenstein-headquartered VP Bank, has appointed Samuel Witjaksono as market head of Indonesia. The hire is part of the firm's strategy to expand in Asia, it said.

Witjaksono has more than 35 years of experience in the financial business, the firm said in a statement. Prior to his latest role, he worked at several banks in Singapore and Indonesia.

“VP Bank is continuing to grow its advisory team in Asia, and with the support of a strong product and services platform, to pursue its growth strategy for the region”, Bruno Morel, chief executive of VP Bank (Singapore) said.

In January, this publication reported that VP Bank said it expects group net income of around SFr66 million ($70.7 million) for 2017, up 13 per cent from a year before.