September 21, 2017 / 6:32 PM / a year ago

UniCredit to propose removal of 5 pct cap on voting rights

MILAN, Sept 21 (Reuters) - UniCredit, Italy’s biggest bank by assets, said on Thursday it would propose to shareholders to remove a 5 percent cap on voting rights, as it moves to strengthen its governance.

The bank will also ask shareholders to approve the mandatory conversion of its saving shares into ordinary shares and the empowerment of the board to present its own list of candidates for the election of directors.

The conversion is aimed at simplifying the capital structure and will happen at a conversion ratio of 3.82 ordinary shares for each saving share, plus an additional cash adjustment of 27.25 euros, the bank said in a statement. (Reporting by Francesca Landini; editing by David Clarke)

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