May 24 (Reuters) - Banco Popolare, Banca Popolare di Milano say:
* their board of directors approved the merger project
* new entity resulting from merger will be called Banco BPM S.p.A.
* the newco will operate both as bank and as a holding company
* shares of the newco will be listed on the Milan stock exchange
* the newco will have its legal headquarters in Milan and its administrative headquarters in Verona
* the first board of directors of newco will consist of 19 directors
* merger will be executed on a ratio with 54.626 pct of newco's capital pertaining to current shareholders of Banco Popolare and 45.374 pct to BPM investors Source text for Eikon: Further company coverage: (Reporting by Milan newsroom)