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Pop Sondrio says court halts transformation into joint-stock Co
December 16, 2016 / 4:15 PM / a year ago

Pop Sondrio says court halts transformation into joint-stock Co

MILAN, Dec 16 (Reuters) - Italy’s Banca Popolare di Sondrio said its shareholders would not be able to vote on Saturday on the proposed transformation of the cooperative bank into a joint-stock company following a ruling by a Milan court.

Italy passed a new law last year which compelled the 10 largest “popolari” banks to become regular joint-stock companies to improve governance and profitability.

Popolare di Sondrio and Popolare di Bari are the two remaining lenders which are yet to adopt the changes.

The reform was thrown into doubt earlier this month when Italy’s top administrative court said some aspects of it could be unconstitutional and suspended them pending a ruling by the country’s constitutional court.

The Milan court issued an emergency decree blocking the vote over Popolare di Sondrio’s transformation following an appeal by one of its shareholders, the bank said. A hearing is scheduled for Jan. 10. (Reporting by Valentina Za; editing by Agnieszka Flak)

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