January 13, 2017 / 4:48 PM / 6 months ago

Prosecutors open probe over Banco BPM merger-document

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MILAN, Jan 13 (Reuters) - Milan prosecutors are probing charges of market manipulation in relation to a merger deal between Banca Popolare di Milano and Banco Popolare to create Italy's third-largest bank Banco BPM, a court document showed on Friday.

Sources with direct knowledge of the matter said Italy's tax police seized documents on Friday as magistrates look into allegations the banks failed to tell shareholders and investors ahead of the closing of the merger that the European Central Bank had raised objections over loan loss coverage levels at Banco Popolare.

No person is under investigation, the sources said.

The bank was not immediately available for a comment. (Reporting by Manuela D'Alessandro and Emilio Parodi; writing by Valentina Za; editing by Francesca Landini)

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