MILAN, Nov 8 (Reuters) - Italy’s Banca Popolare di Milano, said on Friday it will delay a new business plan until a new management board is in place and also plans to extend a deadline for a 500 million euros capital increase by three months to the end of July 2014.
The cooperative lender called a shareholder meeting for Dec. 20-21 to approve the postponement of the capital increase, it said in a statement .
The shareholders will also appoint new supervisory and management boards. The business plan, which had been due to be presented on Nov.12, will be approved by the new management board, the bank said.
The bank’s shares turned negative after the statement and were losing one percent by 1530 GMT.
Reporting by Silvia Aloisi; editing by Keiron Henderson