Milan Bank to merge with Italian property company

Banca Popolare di Milano has announced the takeover of the property arm of Bipiemme bank, conditional on acquisition of a 9.11% stake in the property company's capital, Italian Newspages Realestate reported. These shares are currently owned by peer Banca di Legnano. The operation is likely to be successful since Legnano is 93.51% controlled by Popolare di Milano.

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