Banco BPM board member says UniCredit bid is hostile, ANSA reports

MILAN (Reuters) - UniCredit's surprise bid for Italy's Banco BPM is hostile, a board member of the smaller lender told Italian newswire ANSA on Tuesday.

He was speaking ahead of a Banco BPM board meeting for an initial discussion on the 10 billion euro ($10.5 billion) takeover bid launched on Monday by Italy's second-largest bank.

(Reporting by Francesca Piscioneri, writing by Giulia Segreti, editing by Gianluca Semeraro)

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