Singapore  - A private bank based in Liechtenstein plans to make Singapore a hub for its Asian operations, a published report said on Friday.

The VP Bank Group intends to increase its staff strength in the city-state from 12 to 26 in the next 12 months and is aiming to manage 5-billion-US-dollars worth of assets in Asia within five years, said Singapore managing director Reto Isenring.

The city-state was chosen as a hub because of its "business- friendly government and an attractive tax environment, a skilled workforce" and excellent infrastructure, The Straits Times quoted Isenring as saying.

Europe is currently VP Bank's main market. Isenring is confident that Asia's contribution will grow now that it has set up its first Asia business booking centre in Singapore.

The bank also has operations in Hong Kong and the British Virgin Islands. (dpa)