MILAN, Feb 1 (Reuters) - Shares in Italy’s Banca Popolare di Milano jumped 10 percent on Friday on the back of media reports that the mid-tier lender plans to transform itself in a traditional joint stock company from a cooperative bank.
The change of governace would cancel the current rule of “one shareholder, one vote” for cooperative lenders that allows the bank to protect itself from a hostile take over bid.
At 0845 GMT shares in Banca Popolare di Milano are up 10.7 percent at 0.5500 euros.
The bank was not immediately available for comment. (Reporting by Francesca Landini and Andrea Mandala’, editing by Jennifer Clark)