The Chamber of Deputies approved by a large majority (290 yes, 149 no and 7 abstentions) the reform of the major cooperative banks which will have to turn into a spa within 18 months and pass the per capita vote.
The decree, strongly backed by Prime Minister Matteo Renzi and openly supported by the Bank of Italy, marks one epochal turning point for the largest cooperative banks (those with assets of more than 8 billion euro) and equates the Popolari that have freely decided to go public with other listed companies, which are in fact joint-stock companies.
Il passing the capita vote (one person and one vote, regardless of the amount of share ownership) will erode the power of the "local squires" of the larger cooperatives but will remain alive in the smaller cooperatives and in the CCBs.
The Chamber, accepting the most significant of the amendments, has also decided, with the consent of the Government and indirectly of the Bank of Italy, to allow the limitation of voting rights to 5% for the next two years.
Now the provision is being examined by the Senate but considering that the decree expires on March 26, the times will be accelerated.
