BPM details ECB conditions to approve merger, board to meet by March 22

March 18, 2016 7:51 AM

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BPM details ECB conditions to approve merger, board to meet by March 22

MILAN Banca Popolare di Milano (BPM) (PMII.MI) said on Friday the European Central Bank had set a number of conditions to approve its planned merger with Banco Popolare (BAPO.MI), adding its board will meet by March 22 to decide on those requests.

The ECB wants a strong capital position and asset quality for the new group from the start, including through appropriate "capital action", and wants the two banks to present a multi-year industrial plan within a month, BPM said.

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