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Italy court freezes Popolare Sondrio's transformation into joint stock co
January 13, 2017 / 11:52 AM / a year ago

Italy court freezes Popolare Sondrio's transformation into joint stock co

ROME, Jan 13 (Reuters) - 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

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