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BRIEF-Banco Popolare, BPM merger to result in bank called Banco BPM SpA
May 24, 2016 / 8:36 PM / a year ago

BRIEF-Banco Popolare, BPM merger to result in bank called Banco BPM SpA

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)

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