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

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.