MILAN (Reuters) - The board of Italian cooperative bank Popolare di Sondrio (BPSI.MI) rejected a request by investor Amber Capital to be granted full shareholder status, the lender said on Tuesday.
In Italian cooperative banks - where each investor has got one vote regardless of the size of its stake - shareholders must be included in a special register to get voting rights.
Popolare di Sondrio said the decision was based on the fact that Amber Capital’s stake exceeded a cap of 1% set by regulators with some exceptions.
Amber capital holds a 6.1% stake, both directly and indirectly, in Popolare di Sondrio.
Reporting by Andrea Mandalà, writing by Giulio Piovaccari, editing by Stephen Jewkes