Banco Popolare is willing to
increase its capital by 500 million to one billion euros in a
bid to get the go-ahead from European oversight authorities for
its proposed merger with Banca Popolare di Milano (BPM), sources
said on Monday.
The proposal is reportedly set out in the banks' reply to
conditions laid down by the European Central Bank (ECB) for the
merger last week.
The ECB is expected to respond before the banks' respective
board meetings on Tuesday.
Meanwhile ANSA said Monday that financier Raffaele
Mincione, BPM's biggest associate with 5.7% of the capital, is
"substantially" in favour of the merger.
Mincione has not taken an official position concerning the
move, however.
Shares in Banco Popolare rose by 5.92% to 7.25 euros at the
close of trading Monday, claiming the title of best-performing
stock on the Milan exchange's benchmark FTSE MIB index.
BPM stocks also performed well, gaining 3.37%.
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