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BPM details ECB conditions to approve merger, board to meet by March 22
[ROME] Banca Popolare di Milano (BPM) said on Friday the European Central Bank had set a number of conditions to approve its planned merger with Banco Popolare, 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.
The ECB is also demanding a clear governance structure.
In a separate statement, Banco Popolare also said its board would meet no later than March 22 to decide on the ECB requests.