The current ownership structure
of cooperative, or 'popolari', banks in Italy is a "handicap" to
their strength and ability to grow and must therefore be changed
as soon as possible, Salvatore Rossi, senior deputy governor of
the Bank of Italy, said Tuesday.
The Italian government is introducing changes to current
ownership rules that give every shareholder an equal vote
regardless of the size of their investment.
The decree will affect the 10 biggest popolari and Rossi
said it will help these cooperative banks to raise money on
capital markets.
It is expected that outside investors will be more
interested in these 10 largest cooperative banks once the
ownership regulations are changed so that shareholders' clout
becomes commensurate with the size of their investment.
The decree changing the ownership structure has been at the
centre of controversy related to inside trading allegations.
Market watchdogs are probing what they have called unusual
trading activity in some popolari banks in the days ahead of
media leaks about the rule changes, which were announced last
month.
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