June 7, 2018 / 11:53 AM / 12 days ago

Italy's state council to rule Oct. 18 on "popolari" banks reform

ROME, June 7 (Reuters) - Italy’s top administrative court will rule on Oct. 18 over appeals against a landmark reform of large “popolari” banks, which forced them to transform into joint-stock companies, according to a legal document seen by Reuters on Thursday.

The state council’s decision is relevant for Popolare di Sondrio and Popolare di Bari, the only two among Italy’s 10 largest popolari banks, which have yet to comply with the reform.

In May, Italy’s constitutional gave a first ruling against the appeals as it deemed legitimate limits that banks undergoing the transformation were allowed to set to the withdrawal rights of shareholders who opposed the changes.

The state council will now rule over the obligation for large popolari banks to transform.

The court will also set a new deadline for the transformation of Popolare di Sondrio and Banca Popolare di Bari on Oct. 18 and the process to shed their cooperative status will continue to be on hold until then.

Reporting by Domenico Lusi; writing by Francesca Landini, editing by Valentina Za

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