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Banco Popolare shareholders approve 1 billion euro cap hike ahead of BPM merger
May 7, 2016 / 10:29 AM / a year ago

Banco Popolare shareholders approve 1 billion euro cap hike ahead of BPM merger

VERONA (Reuters) - Shareholders in Italian mid-tier bank Banco Popolare BAPO.MI approved on Saturday a 1-billion euro (£790.3 million) capital increase that is part of a planned merger deal with fellow cooperative lender Popolare di Milano PMII.MI.

The bank’s chief executive, Pier Francesco Saviotti, told reporters the bank expected to complete the cash call by the end of June. The fund raising is a condition set by the European Central Bank for approving the merger, which would create Italy’s third biggest bank.

Reporting by Andrea Mandala, writing by Silvia Aloisi

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