Banca Pop Milano says governance changes still being studied
MILAN Feb 1 (Reuters) - Italian cooperative bank Banca Popolare Milano said on Friday it is still examining changes to its corporate governance, and that reports on its intentions are premature.
"As the bank has said previously, the topic of governance is being examined and therefore any details about its plans are premature," the bank said in a statement.
The bank's shares jumped 10 percent on Friday on media reports that the mid-tier lender plans to transform itself in a traditional joint stock company from a cooperative bank.
The change of governance would cancel the current rule of "one shareholder, one vote" for cooperative lenders that allows the bank to protect itself from a hostile take over bid. (Reporting by Jennifer Clark; editing by Francesca Landini)
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