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UniCredit Approved by ECB to Issue New Shares for Banco BPM Takeover Bid

On Thursday, UniCredit, Italy's second-largest bank, announced that it had obtained authorization from the European Central Bank to issue new shares. This issuance is contingent upon shareholder approval and is intended to fund its acquisition bid for Banco BPM, a smaller rival. Shareholders of UniCredit are set to convene on March 27 to vote on the proposed share issuance aimed at financing the acquisition of Banco BPM.