BPM governance key to €1.2bn rights issue
Banca Popolare di Milano began a review of its governance arrangements in a move that could make a €1.2bn capital raise more palatable for investors and give comfort to the deal’s underwriters. BPM’s announcement followed a meeting last week with the Bank of Italy which has been putting the lender under pressure to make the changes.
BPM said it is trying to approve the governance changes separating management from shareholder control by the end of September with implementation and completion of the rights issue by the end of year.
One banker said that the central bank is more concerned with the one
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