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Report: Banco Popolare, Popolare di Milano merger to lead to 1,800 redundancies

has reached a deal with employee unions over the fate of staff following themerger withBanco Popolare SocietàCooperativa, Italy's MFreported Sept. 26.

Theplan foresees redundancies for 1,800 employees.

Themerger will createItaly's third-largest lender, with 4 million customers and a target to post aprofit of €1.1 billion in 2019. The Italian central bank recently approved the deal.