ROME Jan 13 Itlay's top administrative court
said Banca Popolare di Sondrio, one of just two
cooperative lenders which are yet to comply with a law demanding
they transform into joint-stock companies, will not have to
adopt the required changes for now.
Italy passed a reform in early 2015 to force large
cooperative banks to shed a status that posed strict limits to
ownership and voting rights. Following complaints by
shareholders the reform has been called into question and
Italy's highest court will rule on it in coming months.
Popolare di Sondrio and unlisted Popolare di Bari were the
only two among a group of 10 large cooperative banks that had
yet to reform.
Italy's top administrative court said it had ruled that a
Dec. 27, 2016 deadline for the transformation had been suspended
until a final decision on the matter.
(Reporting by Valentina Consiglio, writing by Valentina Za)