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

08 May, 2016 12:19 pm

LONODN – Shareholders in Italian mid-tier bank Banco Popolare approved a 1-billion euro (£790.3 million) capital increase that is part of a planned merger deal with fellow cooperative lender Popolare di Milano.

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. -Reuters

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