Moneycab: You have been with BENDURA BANK AG for eleven years, built up the Hong Kong office, and have been CEO since December 2024. How important was your Asia expertise in your appointment as CEO — and what important changes have you introduced since then?
Philipp Forster:My Asia experience was certainly a relevant factor because it gave me a deep understanding of international entrepreneurial clients — however, what was decisive was the combination of an international perspective and a clear anchoring in our Liechtenstein business model.
“At its core, it is about three things: Liechtenstein as a strong foundation, Hong Kong as a long-term presence in Asia, and targeted investments in technology, governance, and talent.” Philipp Forster, CEO of BENDURA BANK
I have been with the bank for eleven years and during this time I have come to know very different perspectives — from building our presence in Hong Kong to close cooperation with the team in Liechtenstein. This combination of international perspective and local responsibility also shapes my leadership style.
Since taking office in December 2024, we have consistently sharpened our strategic priorities. At its core, it is about three things: Liechtenstein as a strong foundation, Hong Kong as a long-term presence in Asia, and targeted investments in technology, governance, and talent.
At the same time, we have very consciously defined what we do not want to be. BENDURA is not an all-rounder and not a volume bank. We clearly position ourselves as a focused boutique private bank with depth, a sense of responsibility, and a long-term commitment.
BENDURA achieved net new money inflows of CHF 550 million in 2025 — almost four times the previous year’s figure. At the same time, gross income declined slightly. How do you explain this divergence — and from what point will growth translate into profitability?
The development is explainable: the net new money inflows of CHF 550 million are the result of clear positioning and consistent relationship-building over many years. Growth on this scale does not arise from campaigns, but from trust.
The fact that this growth is not immediately reflected in gross income is a typical timing effect in private banking within long-term-oriented and regulated structures. Cause-and-effect relationships develop over a longer period and require care and continuity. Therefore, what matters to us is not the speed, but the quality of the inflows.
The new assets consist predominantly of long-term-oriented entrepreneurial wealth, not short-term or opportunistic capital. This structure develops its earnings impact with a delay, but in return forms a stable and sustainable foundation.
“Our focus is deliberately not on short-term margin optimization, but on sustainable profitability. The foundation for this has been laid.”
In addition, last year we experienced a challenging macroeconomic environment, shaped by falling interest rates as well as the weakening of the US dollar, which is of central importance for a large part of our international activities.
Our focus is deliberately not on short-term margin optimization, but on sustainable profitability. The foundation for this has been laid — and we are convinced that this quality of growth will also clearly be reflected in earnings development over the medium term.
Your strategy is based on Liechtenstein and Hong Kong, with Vienna added to the mix. What contribution does each location make — and what investments are planned?
Liechtenstein is our heart. This is where our headquarters, banking license, regulatory foundation, and the operational center of the bank are located. All client relationships, key structures, and decisions are anchored here — under Liechtenstein supervision and embedded in the European single market through the EEA. This is where our values are not only defined, but lived every day.
Hong Kong is a strategic long-term presence. The representative office serves market understanding, relationship-building, and long-term positioning in Asia. It does not conduct banking business. Clients from China and the Asian region are served exclusively from Liechtenstein, by our specialized team there.
BENDURA Service GmbH in Vienna is a subsidiary of the bank and functionally complements this structure. The office specifically supports us in the areas of compliance, data protection, and regulatory matters. Here too, this is not a client or advisory location, but a clearly defined specialist support unit.
We do not disclose concrete investment figures by location publicly. In principle, however, we invest specifically in people, expertise, and the necessary infrastructure at all three locations — always with the goal of securing quality, stability, and regulatory clarity over the long term.
Hong Kong was your project. The representative office is not allowed to conduct banking business. There was talk of SFC licenses and M&A activities. How far have these plans progressed?
Hong Kong is personally a special chapter for me. At the same time, our presence there today is clearly strategically defined: as a representative office focused on market understanding, relationship-building, and long-term positioning. At the same time, it is clearly regulated that, as a representative office, we do not conduct banking business in Hong Kong. Chinese clients are served exclusively from Liechtenstein — by our Chinese team there, fully under Liechtenstein regulation and supervision.
In 2023, with BENDURA WEALTH MANAGEMENT (HONG KONG) LIMITED, we acquired a locally licensed company and thereby further expanded our presence in Hong Kong. The existing regulatory license enables us to operate locally within a fully compliant framework and to specifically strengthen our international positioning in Asia.
“In compliance, we operate within one of the strictest regulated financial systems in Europe. Anti-money laundering, KYC, and the Liechtenstein Banking Act are our daily benchmark.”
We continuously review questions surrounding possible further developments of our presence, and with the required diligence. What is always decisive for us is regulatory clarity and long-term strategic sustainability. Our approach is deliberately disciplined: substance before speed, clarity before expansion.
Geopolitical tensions between China and the West are increasing. Your bank is majority-owned by the Citychamp Group. How do you navigate between a Chinese majority shareholder and European regulators?
We are a fully Liechtenstein-regulated boutique private bank. This means: we are subject exclusively to the supervision of the FMA Liechtenstein and comply with all regulatory requirements under Liechtenstein and European law — uncompromisingly and transparently.
Citychamp Group is a long-term-oriented majority shareholder. However, operational management, business decisions, and the implementation of regulatory requirements clearly and unrestrictedly remain with the bank in Gamprin-Bendern. This governance structure is clearly regulated and is continuously reviewed by the responsible supervisory authorities.
“Citychamp is a long-term-oriented majority shareholder. Operational management, business decisions, and the implementation of regulatory requirements clearly and unrestrictedly remain with the bank in Gamprin-Bendern.”
Naturally, we follow geopolitical developments very closely. But especially in such an environment, the strength of our model becomes apparent: stability, clear responsibilities, and continuity. For our clients, that is exactly what matters — not short-term trends, but a reliable institutional framework.
Vienna is strategically caught between two stools. What specific role does the Vienna representative office play — and are there considerations regarding network expansion in Europe?
For us, Vienna is not a position “between two stools,” but a deliberate, functional decision. The city offers excellent access to qualified specialists as well as regulatory and legal expertise, which is central for an internationally active bank.
Our subsidiary in Vienna has a clearly defined role: it supports us in the area of compliance and regulatory affairs. It is not an advisory or sales location, and we do not serve clients there. This separation is important to us because it ensures clarity, compliance security, and focus.
As for a possible expansion of our network, we continuously and very selectively review such steps. We do not grow geographically at any price, but only where an additional presence brings clear qualitative added value and supports our high regulatory and operational standards over the long term.
What does BENDURA BANK offer an entrepreneur with CHF 10 million in assets that they do not get from competitors?
I would like to deliberately refine the question — not to avoid it, but to answer it correctly. What distinguishes BENDURA BANK is not a single product. It is our attitude.
Entrepreneurial families with substantial wealth are often faced with complex issues: sale of a company, succession, international family structures, or long-term wealth preservation. In these situations, standard solutions are not needed, but rather a deep understanding of entrepreneurial reality.
What I have learned from many conversations with entrepreneurial families: returns are important, but they are rarely at the center. What matters are trust, discretion, reliability — and the person sitting on the other side of the table. That is exactly where our added value lies: with personal responsibility, stable contacts, and the ability to support complex wealth and life situations over the long term.
Your team speaks more than 25 languages. Do you segment clients according to cultural affiliation — and does this diversity also create compliance challenges?
Our linguistic diversity is not a marketing argument, but an expression of a clear structure. We work with specialized desks that serve clients in their respective language and cultural context.
The focus is not on nationality, but on understanding: language, mindset, family structures, and entrepreneurial reality. This enables more precise advice and long-term relationships.
In compliance, we operate within one of the strictest regulated financial systems in Europe. Anti-money laundering, KYC, and the Liechtenstein Banking Act are our daily benchmark. For us, an international team does not mean more risk, but rather more differentiated risk assessment and higher decision quality.
The HORIZON strategy targets CHF 6.5 billion in AuM by 2030. You currently stand at just over CHF 4 billion — another CHF 2.5 billion within five years. Realistic?
The goal has been publicly communicated — and I stand by it. The net new money inflows of CHF 550 million in 2025 clearly show that our market positioning works.
Our market is developing positively in structural terms: entrepreneurs with an international background, complex wealth situations, and a long-term horizon are seeking stability, clear governance, and cultural understanding.
Whether we achieve the target of CHF 6.5 billion AuM — and at what pace — ultimately depends on one factor: quality. We will only grow to the extent that we can ensure our high standards in advisory, governance, and organization at all times.
Are further acquisitions of smaller private banks on the agenda — and in which markets?
In principle, we continuously review strategically relevant options — that is part of responsible and forward-looking management. At the same time, it is important to emphasize that our DNA is clearly organic in nature: building relationships, earning trust, and growing over the long term.
AI is fundamentally changing banking. Is AI a threat or an opportunity for you — and which concrete applications are you already using?
For us, AI is clearly an opportunity when used meaningfully. We already use it in internal processes in order to increase efficiency, consistency, and speed.
The decisive point here is the purpose: technology should relieve our employees — not replace them. It creates space for what truly matters in private banking: time, attention, and quality in the personal relationship.
What we deliberately do not do is delegate judgment or responsibility to systems. A relationship manager who supports an entrepreneurial family over decades carries personal responsibility, based on experience and human intuition — that cannot and should not be taken over by technology.
For us, AI is therefore not a substitute for trust, but an instrument for earning trust even better.
Where do you draw the line — where may AI provide support, and where must humans decide? And how do you communicate this to clients?
For us, the line is clear: technology supports data, processes, and analysis. Humans decide on trust, responsibility, and values.
“We use modern technology to work more efficiently and precisely as an institution. However, responsibility for every decision always lies with a human being.”
We communicate this openly and transparently to our clients. We use modern technology to work more efficiently and precisely as an institution. However, responsibility for every decision always lies with a human being — with the advisor who knows the family, and ultimately with me as CEO.
Your bank belongs almost 90% to a Hong Kong luxury goods group. How does this affect the business — how much operational independence do you have?
We have complete operational independence — and this is lived reality. Citychamp is a long-term-oriented owner that consciously supports our boutique positioning.
What is decisive is governance: the bank is fully regulated in Liechtenstein, managed according to European standards, and operationally steered independently. Ownership and management are clearly separated — and this separation is structurally and regulatorily safeguarded.
Almost 2% of the bank belongs to employees. In three years, by what will you measure whether your years as CEO were a success?
Of course, I will also measure success by numbers: the development of AuM, profitability, and the quality of our team. But that alone would fall short.
What would really make me proud in three years is something else: if a young relationship manager says that BENDURA is the institution where I was able — and wanted — to take on responsibility. If a long-standing dialogue partner says that BENDURA is the institution I continue to trust over the long term. And if employee participation is not perceived as a number, but as a lived culture — as a genuine shared commitment to this company.
For me, good leadership is not reflected in the decisions I make myself. But in the decisions my team makes when I am not in the room.
Source: www.moneycab.com
Aleksei Andrievskii is the founder of the ANDRIEVSKII SEA WEALTH family office in Cyprus, a member of the advisory board at Bendura Bank AG, Liechtenstein