The shareholders of Banco Popolare and Banca Popolare di Milano (BPM) have given the go-ahead to the merger plan of the two Italian cooperative lenders.

Known as Banco BPM, the new combined bank will have €171bn in assets, making it Italy's third-largest bank. It will be headquartered in both Milan as well as Verona.

The merged entity will have 2,500 branches, over 25,000 employees. Banco Popolare shareholders will own 54% of the combined entity, while the rest will be owned by Banca Popolare di Milano shareholders.

The deal was announced by the banks in March 2016, and secured the regulatory approval last month.

The merger was previously delayed as the two banks struggled to comply with higher capital requirements. However, in June 2016, Banco Popolare raised the €1bn that it required to complete the merger with BPM.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.