C-Level under 35 at one of the leading Banks in Liechtenstein

Together with our Chief Customer Officer (CCO), Philipp Forster, we talk about his career at BENDURA BANK, what defines us as a company and what the bank can expect in the future.

You’ve worked at BENDURA BANK for almost a decade now, what can you tell us about your journey here?

That’s right, I’ll be celebrating my 10th anniversary next year. During this time, I have been able to gain insights into both the back and front office and have thus learnt to know and understand the banking business and the respective processes from various angles and across departments. The opportunity to work in so many different roles and areas within the same bank is exceptional and a credit to a company of our size. In many large organizations, one’s career path often tends to focus mainly on one area. Especially in the first part of a career, gaining interdisciplinary experience is in my view an invaluable advantage. In my current role as CCO, the focus is on our clients. I have to understand all business activities and develop a customer-centered strategy. The coordination and implementation of this strategy connects back and front office in equally important ways.

Has there been a highlight in your 10 years career at BENDURA BANK?

Looking back, there are two important milestones in my time here. The first one was the bank’s trust in me to establish and develop a representative office in Hong Kong. In 2016, the company was taken over by a new shareholder and we were now part of a company group listed at the Hong Kong stock exchange with the unique opportunity to leverage new synergies and networks in this financial centre. We had to apply for licences, set up an office and hire staff. It was part of my job to establish BENDURA BANK as a brand, as few people in Hong Kong knew who we were. Over the past years, we have successfully expanded our business in Asia and recently acquired BENDURA WEALTH MANAGEMENT (Hong Kong) Limited, which I am also responsible for. The opening ceremony took place just last month. Another highlight of my career is of course my election to the Board of Management in my role as CCO in December 2022. Once again, a great amount of trust was placed in me by our Board of Directors.

Philipp Forster in Hong Kong, 2018

Speaking of our Hong Kong office, what makes the Liechtenstein-Hong Kong connection so interesting not only for us as a bank, but also for our clients?

Many people in Asia and Hong Kong are not (yet) familiar with Liechtenstein. The combination of Hong Kong and Liechtenstein brings in my opinion the best of both worlds to the table.

On the one hand, we have Hong Kong, which is a very dynamic and vibrant market. In terms of business, Hong Kong offers a lot of opportunities with direct access to China and its 1.4 billion people. Everything is fast-paced, many different cultures come together in Hong Kong – so there is always something going on.

On the other hand, you have Liechtenstein. A very stable, secure country with a well-developed financial and economic sector. That is exactly what investors appreciate about Liechtenstein. For us as a Liechtenstein bank, being present in both places with our representative office and BENDURA WEALTH MANAGEMENT (Hong Kong) Limited opens up a wide range of opportunities and makes us unique.

We are able to open the doors to more growth potential for Europeans looking for investment opportunities in Asia. And vice versa, for interested parties from Asia with a need for banking solutions in Liechtenstein as one of the safest countries in the world.

Philipp Forster at the Opening Ceremony of BENDURA WEALTH MANAGEMENT (Hong Kong) Limited, 2024

You said that one of our strengths is our connection to Asia – as the person responsible for managing and developing a significant part of the client service offering – what do you think makes BENDURA BANK AG unique in what we offer our clients?

To succeed in a market with many players, it is important to find a niche that brings significant value to clients.

BENDURA BANK is organized by geographic markets because we want to provide the client with a relationship manager who speaks their language, understands their cultural background, really knows the country and understands the client’s business. Wealthy families and entrepreneurs around the world often have businesses in different countries and family members in other parts of the world. They use sophisticated wealth management solutions, such as family foundations or a family trust, to manage their wealth and plan for succession to the next generation.

At the same time, there is an increasing number of regulations, compliance requirements and legal standards a bank has to comply with. This undoubtedly increases the level of complexity in serving this clientele and requires a deep understanding.

We continuously invest in our employees and tools, both in the front and back office, in order to transform this complexity into tailor-made solutions for our clients.

You mentioned some of the challenges in the banking industry and how these add layers of complexity to our services. What are other challenges in the banking industry and, more importantly, how is BENDURA BANK working to overcome them?

There are new regulations and requirements to comply with every year. This leads to ever-increasing fixed costs due to additional staffing and IT requirements that are not immediately visible to clients. Political uncertainties around the world also make it more challenging for banks to offer solutions to international clients that meet all the requirements.

Navigating this constantly changing environment together with our clients is one of our major strengths that sets us apart from other players in the market. Our daily mission is to understand our clients even better and continue to offer tailor-made banking solutions.

It’s good that you mentioned the future, because my last question is all about it. What does the future hold for BENDURA BANK and what are you most excited about?

BENDURA BANK has a great future ahead of it.

When I started 10 years ago, the bank was half the size in terms of staff. Today, we have 150 employees and have doubled the size of our headquarters in Bendern. When I look at this development, the services and the diversity that we offer, at the professionalism and the niche in which we operate, I am absolutely positive that we are in a very good position.

Over the next few years, we aim to double our assets under management and profitability as well as continuing to grow in terms of staff. We will also be expanding in Asia with our wealth management subsidiary.

It is with confidence and anticipation that I look forward to this journey.

Stay tuned as BENDURA BANK continues to be at the forefront of the banking industry.