MILAN Jan 24 Pop Milano's top investor Andrea Bonomi, who spearheaded a plan to turn the cooperative bank into a joint-stock company, has sold his entire stake, a source close to the matter said.
The move casts doubts on the bank's ability to reform its governance.
"Since the latest developments led to a situation in which Bonomi no longer had an effective role, it would have made little sense to stay in Pop Milano," the source said, adding the top investor had sold his 8.6 percent stake on the market.
"Bonomi's plan was aimed at turning the bank into a joint-stock company," the source added.
Bonomi, a private equity investor, wanted to change the ownership structure of the lender but his plan was shelved at the end of last year because of strong opposition by trade unions. (Reporting by Elisabetta Jucca, writing by Francesca Landini)