Piguet Galland & Cie, a subsidiary of Banque Cantonale Vaudoise (BCV), has closed the year 2014 on a plunge in net income and a decline in assets under management.

The merger between Franck & Galland and the bank Piguet started in 2011 is now completed. In 2014, the bank posted a net profit of CHF 3m, down 40%, while gross profit increased slightly (+ 2%) to 14 million CHF. ‘The difference between the gross and net profit is partly due to the cost of the US program’ said the CEO, Olivier Calloud, reports Le Temps. The bank participates in the US Tax Program under Category 2, as BCV. A withdrawal is not considered to date. Olivier Calloud adds that the bank now seeks growth almost exclusively in Switzerland.