Shareholders give their nod to merger of Italy's Banco Popolare, BPM

Milan

BANCO Popolare and BPM shareholders on Saturday voted to merge the two banks under an accord that will create Italy's third-largest lender and consolidate the country's troubled banking sector.

As expected, the "yes" vote won easily at Banco Popolare, with some 23,683 votes in favour of the tie-up to 118 against. Over at the Banca Popolare di Milano (BPM), the ballot had been expected to be tighter after two associations of shareholder retirees called on those voting to reject a deal they said would create a giant institution with little clout.