Bipielle Bank (Suisse) has been put up for sale by its parent, the Italian bank Banca Popolare Italiana, according to reports in the local p...

Bipielle Bank (Suisse) has been put up for sale by its parent, the Italian bank Banca Popolare Italiana, according to reports in the local press. The reports said BPI is in advanced talks with a buyer, although no further details were disclosed. But BPI is expected to retain a minority stake in its Lugano subsidiary. Earlier, BPI commissioned a study by consultants Bain & Company, which recommended selling or restructuring the private bank. Bipielle Bank, and its parent, are both currently under investigation by Italian banking regulators for alleged fraud. 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 ($1.8 billion) as of end-December 2004.