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Banca Popolare di Milano Scarl Updates on Plan to Transform Bank into Joint-Stock Company and Rights Issue up to Maximum EUR 500 Million

Friday, 10 May 2013 03:04pm EDT 

Banca Popolare di Milano Scarl (BPS) announced that following the decisions taken on February 12, 19 and March 25, 2013, the Management Board of Banca Popolare di Milano on May 10, 2013 decided not to submit to the approval of the General Meeting of Members scheduled for June 21-22 the project to transform BPS into a hybrid joint-stock company. The Management Board is still convinced about the importance of achieving a model of stable and transparent governance. However, it has decided to give priority to the EUR 500 million increase in capital, which will be used to repay the Tremonti Bonds. The Management Board will therefore evaluate all suitable initiatives to improve BPM's governance in order to complete the increase in capital and complete the action plan to resolve the critical aspects of the Bank's governance. 

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-0.0035 -0.63%
5:29am EST