Liechtenstein's VP Bank to exit Hong Kong after 18 years

NEW YORK/HONG KONG -- Private banking specialist VP Bank Asia's Hong Kong office will shut down after its chief executive officer and chief operations officer resigned Thursday, according to people with knowledge of the matter.

Pamela Hsu Phua, chief executive officer of VP Bank Asia, and Heline Lam, chief operating officer, cited a difference in expectations from headquarters as a reason for stepping down, according to several people familiar with their resignations.