(Alliance News) - Banco BPM Spa announced Thursday that the shareholders' meeting approved the purchase of ordinary shares for a maximum total amount of EUR45 million.

Specifically, reads the press release, "the authorization is aimed at implementing the remuneration policy adopted by the group, which provides, for the most relevant personnel, that at least 50 percent of the incentive of the STI Plan is recognized through the allocation of ordinary shares of the Bank, while the LTI plan is paid entirely in shares."

Banco BPM shares are up 1.0 percent at EUR6.31 per share.

By Chiara Bruschi, Alliance News reporter

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