October 15, 2016 / 2:22 PM / 10 months ago

BPM's shareholders back merger with Banco Popolare

MILAN, Oct 15 (Reuters) - Banca Popolare di Milano's (BPM) shareholders approved a planned merger with Banco Popolare on Saturday, giving the final green light to the creation of Italy's third-largest bank.

Earlier in the day, Banco Popolare's shareholders cleared the deal with a overwhelming majority of 99.5 percent of the people attending the meeting.

The tie-up is the first prompted by reforms introduced by Prime Minister Matteo Renzi early last year to promote mergers and boost bank profitability. (Reporting by Andrea Mandala; writing by Francesca Landini; editing by Isla Binnie)

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