MILAN, April 15 Italian cooperative lender Banca
Popolare dell'Emilia Romagna said on Tuesday it had
appointed insider Alessandro Vandelli as its new chief
executive, replacing Luigi Odorici.
In a statement, Popolare Emilia said Odorici, who turns 67
in May, wanted to favour an immediate succession to the person
who will be "responsible for developing and then implementing
the new business plan".
Vandelli, who has a degree in economics, started his career
in Popolare Emilia in 1984, the lender said, adding that Odorici
has been named Deputy Chairman of the bank.
Popolare Emilia is considering a possible capital increase
and will take a decision in the coming weeks, Odorici was quoted
as saying by Italian newspaper Il Messaggero on Sunday.
Press reports have said the capital increase could be worth
600-700 million euros.
(Reporting by Danilo Masoni, editing by Silvia Aloisi)