MILAN May 11 Shareholders in UBI Banca
have approved governance changes that boost the influence of
institutional investors, as Italian co-operative banks seek to
reform following recommendations from the Bank of Italy.
Italy's banking regulator has long urged co-operative
lenders, whose shareholders have one vote each regardless of the
size of their stake, to reform and become more attractive for
At a shareholder meeting on Saturday UBI sealed a governance
reform that strengthens board representation for investors that
together hold at least 10 percent of its capital.
A month ago shareholders in rival Banca Popolare di Milano
(BPM) unexpectedly rejected changes in by-laws also
aimed at giving institutional investors a greater say.
BPM's chief executive Giuseppe Castagna said on Friday that
the bank would wait until next year's shareholder meeting to
attempt again to pass the changes.
(Reporting by Valentina Za; Editing by Greg Mahlich)