Compliance
Swiss Financial Regulator Orders Private Bankers to Resign
The Swiss Federal Banking Commission has ordered four directors of Bipielle Bank (Suisse) to resign, according to Swiss press reports. T...
The Swiss Federal Banking Commission has ordered four directors of Bipielle Bank (Suisse) to resign, according to Swiss press reports.
The directors have been named as Franco Ambrosetti, Aleardo Cattaneo and Massimo Pedrazzini and Michele Grippa.
The FBC has given the bank until October to appoint new directors and improve management controls, according to press reports. The regulator has threatened the bank with closure if changes are not made, say reports.
Bipielle Bank is owned by the Italian bank Banca Popolare Italiana, both of which are currently under investigation by Italian banking regulators for alleged fraud.
Earlier reports suggested that BPI is in advanced talks to sell Bipielle Bank, but these appear to have come to nothing.
Bipielle Bank has been extremely profitable in the past with its gross profit rising 58 per cent year-on-year in the first half of 2005 to $7.2 million.
Formerly known as Bank Adamas, the bank had 54 employees and client assets of SFr2.4 billion ($1.9 billion) as of end-December 2004.
