The first of the 11 cooperative banks that will turn into a joint stock company as required by the recent Renzi reform is Ubi. Yesterday the supervisory board of the Lombard bank actually started the process that will lead to its transformation into a joint stock company and the abandonment of the one-to-one vote.
In this regard, Ubi has convened the company meeting for October in order to approve the consequent statutory amendments.
There are three important changes: 1) the increase to 10 of the maximum number of proxies conferable to the shareholder for participation in the meeting; 2) the competence of the supervisory board with regard to the limitation or postponement, in whole or in part, of the redemption of the shares subject to withdrawal; 3) the repeal of the provision relating to the quality of shareholder for eligibility for corporate offices.
In the next few days Ubi will submit its plan to the Bank of Italy but it is foreseeable that the other larger Popolari will soon follow its path to transform themselves into joint stock companies within a few months.
