April 5, 2019 / 10:33 AM / 5 months ago

Italy's League wants deadline for 'popolari' bank reform delayed to 2020: source

ROME (Reuters) - Italy’s ruling coalition League party is pushing for a deadline forcing large “popolari” banks to transform into joint-stock companies to be put back to end-2020 from end-2019, a source close to the matter said on Friday.

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 and Popolare di Bari, have yet to comply with the reform.

Reporting by Giuseppe Fonte, writing by Stephen Jewkes

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