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Italy's Creval bank becomes joint stock company

Reuters

ROME (Reuters) - The shareholders of Credito Valtellinese (Creval) have approved the transformation of the regional cooperative bank into a joint stock company, Creval said on Saturday.

A reform by the government of Prime Minister Matteo Renzi has set an end-year deadline for small, so called "popolare" banks to become joint stock companies, and Creval (PVCI.MI) is one of the first to complete the transformation.

Renzi wants to encourage mergers and increase profitability in Italy's fragmented banking sector, which is burdened by some 200 billion euros (180.24 billion pounds) of bad loans.

(Reporting By Gavin Jones)