According to Avaloq it has developed the innovative entity concept for the VP Bank Group, and following this concept, new entities can be easily integrated into the VP Bank Group without data modifications. Protection for clients’ privacy and personal data is guaranteed, all the data identifying the client is only every stored on site locally. This is a unique concept of the Avaloq system.

Avaloq CEO Francisco Fernandez noticed that Avaloq has done a lot of work for VP Bank in Singapore. He added that VP Bank is now extending the use of Avaloq to its offices in Switzerland, British Virgin Islands and Liechtenstein, and these implementations also mean an important milestone in the Avaloq strategy.

The migration took place without any problems, following a development phase of 18 months. The switch to the Avaloq banking system is an important milestone in the evolution and development of VP Bank, which enhances Bank’s efficiency, supports the implementation of its strategy and underscores the competitiveness of the entire VP Bank Group.

In the next months, it will be a matter of gaining experience with the new system and, if necessary, implementing optimization measures to ensure a maximum of client orientation. The implementation of the banking system in the British Virgin Islands, Liechtenstein, Switzerland and Singapore has provided know-how that will be of great importance for the introduction of Avaloq at VP Bank (Luxembourg) S.A., during the course of 2009.