It is not just Bank of Italy that is interested in reforming the governance of Banca Popolare di Milano. In recent days, according to Radiocor, Consob has also intervened in the match, which last September 17 summoned the chairman of the management board, Andrea Bonomi, to Rome "in order to provide updated information and clarifications regarding the reform of governance”, to hypotheses of an alliance or merger with another cooperative bank.
The Commission took action following press rumors to this effect and also asked Bonomi to provide details on the path of "development of the bank's governance" which, as announced by BPM, will be part of the revision of the business plan. In a letter sent to accept the call, Bonomi specified the aims of the reform project, which for the management and supervisory boards is intended to be "a coordinated process also aimed at overcoming previous difficulties and conflicts. As for the merger hypotheses, Bonomi would have reiterated the position expressed several times in recent months and that is the desire to keep BPM independent.
The cdg Bpm in the letter of response to the inspection report of the Bank of Italy: "If the governance reform project of the Banca Popolare di Milano proves to be unsuitable for achieving the objectives of balancing and opening up the governance structures, the management board will will work to ensure that the project to transform the bank into a joint-stock company is resumed and completed, with the latter becoming, in the future, the only possible instrument to ensure that the critical issues afflicting the bank are overcome while preserving its independence".
A few minutes after the closing, the Bpm stock recorded a drop of 1,88%.
