Top Lugano Banker Steps Down

Contributing Editor

19 September 2005

Paolo Del Bue, a member of the executive board and major shareholder of Lugano-based Banca Arner, is stepping down, according to reports in the local media. Mr Del Bue is currently under investigation in Italy for money laundering in connection with transactions by a company controlled by Italian prime minister Silvio Berlusconi. It is not known whether this is linked to his departure at Banca Arner. Mr Del Bue owns 34.8 per cent of the Lugano bank, which employs about 70 people. The bank also lost the services earlier this year of its chairman, Lucio Velo, who also stepped down. He was replaced by Ivo Sciorilli Borelli. Mr Velo was a director of a company which was closed by Swiss regulators last year for operating as a bank without authorization.