October 26, 2018 / 12:48 PM / a year ago

Reform of Italy's 'popolari' banks frozen pending Court of Justice ruling

ROME, Oct 26 (Reuters) - Italy’s top administrative court on Friday froze a landmark reform of large “popolari” banks pending a ruling by the European Court of Justice.

Popolare di Sondrio and Popolare di Bari are the only two banks, among those affected by the 2015 reform, which are yet to adopt changes aimed at improving governance and making them more appealing for potential investors.

Italy’s State Council said it will rule on an appeal by the two banks against the reform only after a decision by Court of Justice.

Italy’s constitutional court has already rejected claims that the reform violates Italy’s constitution. (Reporting by Domenico Lusi, writing by Valentina Za)

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