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As one of only a small number of Swiss private banks to date, VP Bank (Switzerland) Ltd has secured the necessary exemption from the German Financial Supervisory Authority (Bundesanstalt für Finanzdienstleistungsaufsicht – “BaFin”) under the simplified procedure. This entails simplified access to the German market.
Successful completion of this exemption procedure enables VP Bank (Switzerland) Ltd to serve clients domiciled in Germany from its office in Switzerland, and means it will also be able actively to acquire new clients, without being obliged to set up a permanent establishment there or cooperate with another licensed financial institution.
During the course of this complex approvals process, BaFin verifies that the bank complies with all...
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