VP Bank (Switzerland) Ltd has become one of a small number of Swiss private banks to be allowed to have 'simplified access' to the German market without have to be regulated by BaFin, Germany's all-in-one financial regulator. This gives it 'simplified access' to clients in Germany.

The successful completion of this exemption procedure (known as the 'simplified procedure') will enable VP Bank to serve clients domiciled in Germany from its office in Switzerland. It will also be able to use its marketing to attract new clients without being obliged to set up a permanent establishment there or co-operate with any other licensed financial institution.

During the course of the complex approval process, BaFin (the Bundesanstalt für Finanzdienstleistungsaufsicht) pronounced itself satisfied that the bank complied with all relevant German consumer-protection rules and money-laundering regulations. Submission of the exemption application before BaFin is conditional upon a supervisory certificate from the Swiss Financial Market Supervisory Authority (the Eidgenössische Finanzmarktaufsicht or FINMA) for the transactions and services that are to be rendered in Germany.

Antony Lassanianos, the CEO of the bank, said: “Cross-border asset management and investment consultancy for clients domiciled in Germany are established parts of our core business. Because of the rules that are applicable in Germany, however, we have had only limited access to this. The exemption grants us significantly simplified access and improved conditions to develop the market in Germany. It will enable us to support our existing clients even more closely, while also actively attracting new private clients.”