August 10, 2018 / 3:16 PM / 2 months ago

Italy's Banca Popolare di Bari to approve transformation on Dec. 16 - source

MILAN, Aug 10 (Reuters) - Italian lender Banca Popolare di Bari is due to call a shareholders meeting to approve its transformation into a joint-stock company on Dec. 16, a source close to the matter said on Friday.

Popolare di Bari and Popolare di Sondrio are the only two remaining large ‘popolari’ banks, out of a total of 10, that are yet to adopt changes introduced by a reform passed by the previous government to improve governance.

On Friday Popolare di Bari posted a net loss of 115.6 million euros, including the effect of taxes and following goodwill writedowns for 75.2 million euros.

It said it was at “an advanced phase” with a bad loan securitisation for around 800 million euros, which will be completed by the autumn. (Reporting by Valentina Za, writing by Giulia Segreti; editing by Crispian Balmer)

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