MILAN, Oct 15, (APP/AFP) – Banco Popolare and BPM shareholders are set to vote Saturday on a proposed merger to create Italy’s third-largest lender, a much-anticipated accord expected to consolidate the troubled banking sector. IHowever, it is not yet a done deal. While the Banco Popolare votes are widely believed to be in the bag, there are fears shareholders at the Banca Popolare di Milano (BPM) may sink the merger, with two associations of former BPM employees set against it. Extraordinary meetings at both banks began at 0730 GMT, with some 5,500 shareholders present or represented for BPM and around 7,000 for Banco Popolare. Italy’s anti-establishment Five Star Movement has called for voters to scupper the deal. Nerves were fraying at the BPM meeting as emotional shareholders took turns speaking before the vote.
International News
Banco Popolare, BPM shareholders vote on historic tie-up
