ROME: Shareholders in Italian lender Banco Popolare on Saturday approved a tie-up with Banca Popolare di Milano (BPM) by a resounding majority, removing one of the final hurdles to the creation of Italy’s third-largest bank.
BPM shareholders have the final say on the merger plan and will vote later today after their own meeting in Milan. If approved, the tie-up will be the first prompted by reforms introduced by Prime Minister Matteo Renzi early last year to promote mergers and boost bank profitability.
