March 3, 2020 / 11:03 AM / a month ago

Banco BPM lifts payout, bets on fees under new business plan

MILAN, March 3 (Reuters) - Italy’s Banco BPM said it would increase dividend payments under a new strategic plan, betting on higher fees and falling loan loss charges to drive profit to 770 million euros ($856 million) in 2023. Italy’s third-largest bank, born in 2017 from the merger of two mid-sized cooperative lenders, said it was raising its dividend payout to more than 40% and would pay at least 800 million euros in cash dividends to investors through 2023.

$1 = 0.8997 euros Reporting by Andrea Mandalà; editing by Valentina Za

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