June 8, 2018 / 6:59 AM / 4 months ago

Italy court sets July 12 hearing on 'popolari' bank reform to decide on deadline: sources

ROME (Reuters) - Italy’s top administrative court has set a hearing for July 12 to decide on a new deadline for the transformation of mutual, or “popolari”, banks into joint stock companies, two sources close to the matter said.

The State Council set the fast-track hearing on Thursday, the sources said.

In 2015 the government of former Prime Minister Matteo Renzi passed a reform forcing large Italian mutual lenders to become joint-stock companies, in an effort to improve governance and boost their appeal for potential investors.

Of the 10 largest ‘popolari’ banks targeted by the reform only two, Banca Popolare di Sondrio (BPSI.MI) and Popolare di Bari, have yet to embrace the required changes.

Reporting by Giuseppe Fonte, writing by Stephen Jewkes

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