Italy regulator contests UBI's governance report

MILAN Fri May 16, 2014 3:01pm EDT

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MILAN May 16 (Reuters) - Italian market regulator Consob has contested the corporate governance report of Italy's fifth-biggest bank Unione di Banche Italiane (UBI), a company spokesman said on Friday.

He said UBI received the objections from Consob on Monday, two days before offices of several managers at the bank's headquarters were searched by the tax police as part of an investigation into alleged obstruction of regulators.

"Consob has contested the completeness of the corporate governance document," the spokesman said, adding that UBI was preparing its reply to the regulator. He declined to give any more details.

UBI has said it was cooperating with the tax police and that the probe related to two complaints, one filed in 2012 by a consumer group, and the other by some members of the bank's supervisory board in 2013.

The 2013 complaint concerned an alleged shareholder pact to influence the appointment of supervisory board members that was kept hidden from regulators, according to a source with knowledge of the situation. (Reporting by Danilo Masoni, editing by David Evans)

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