 On 15 October 2016 the merger between Banca Popolare di Milano (BPM) and Banco Popolare was approved by the extraordinary shareholders meetings of the two banks.As part of the merger, the branch of Banca Popolare di Milano would be kept as a subsidiary by injecting the business into BPM's subsidiary Banca Popolare di Mantova and renamed into Banca Popolare di Milano S.p.A., which the new bank would be a subsidiary of Banco BPM.The shareholders of Banco BPM would be composed by former shareholders of Banco Popolare and BPM in a proposed ratio of 54.626–45.374%.