Andrea Bonomi has exited his entire 8.6% holding in Banca Popolare di Milano (Pop Milano) on the market, according to a source close to the situation. Bonomi, who is the top investor in the bank, headed the plan to transform the cooperative bank into a joint-stock firm, wrote Reuters.
The stake sale is a sign of the investor's doubt on the Milan-based company's ability to change its management, the report said.
The source said of the private equity investor's move: "Since the latest developments led to a situation in which Bonomi no longer had an effective role, it would have made little sense to stay in Pop Milano. Bonomi's plan was aimed at turning the bank into a joint-stock company."
Bonomi wanted to reform the ownership structure of the Italian lending firm. However, his plan was cancelled at the end of 2013 because it was met by strong opposition from trade unions, Reuters reported.
Founded in 1865 by Luigi Luzzatti, Pop Milano is Italy's second cooperative bank. Luzzatti later on became the country's Prime Minister. The firm employs about 9,000 workers across its 792 branches, according to Pop Milano's web profile.
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