First half operating profits at Banca Popolare Italiana-owned Bipielle Bank (Suisse) have fallen 63 per cent to SFr3.5 million ($2.86 millio...

First half operating profits at Banca Popolare Italiana-owned Bipielle Bank (Suisse) have fallen 63 per cent to SFr3.5 million ($2.86 million) on 34 per cent lower revenues of SFr11.5 million. Operating costs at the Lugano-based bank were unchanged at SFr8.1 million. Client assets under management were disclosed as SFr2.2 billion in December 2005. BPI’s former chief executive, Gianpiero Fiorani, and others were arrested by the Italian authorities last December. They allegedly embezzled more than €100 million ($125.7 million), using Bipielle Bank and accounts at other banks.In May, the Swiss Federal Banking Commission ordered four directors of Bipielle Bank to resign. The Swiss authorities are continuing to investigate the bank and have frozen a number of accounts at the bank, according to reports in the local press.