ECB Said to Have Sent Letter Seeking Tweaks in BPM M&A Deal

  • Central bank reiterated objections raised earlier this month
  • Sticking points include size and timing of bad-loan cuts

Italian lenders Banco Popolare SC and Banca Popolare di Milano Scarl received a letter from the European Central Bank asking for adjustments to their planned merger deal before giving its approval, according to people with knowledge of the matter.

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