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Clock to start ticking soon for Italian cooperative bank reform
June 8, 2015 / 3:18 PM / 3 years ago

Clock to start ticking soon for Italian cooperative bank reform

MILAN, June 8 (Reuters) - The Bank of Italy is about to publish rules needed to launch a landmark reform of the country’s biggest cooperative banks, which will then have 18 months to turn into joint-stock companies, a senior official said.

Bank of Italy Director General Salvatore Rossi told reporters on the sidelines of a conference in Milan that the rules the central bank needs to issue following a government decree “will come before mid-June, over the next few days.”

The law decree sets an 18 month deadline once the Bank of Italy puts its seal on the reform to drop their cooperative status, in a radical change that has triggered merger talks among lenders.

Reporting by Luca Trogni, writing by Valentina Za

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