Capitalia, the Italian financial services group, is understood to be lining up replacements for chief executive Matteo Arpe following his clashes with the chairman over the bank's independence.

Italian daily Il Sole 24 Ore reports that Capitalia would turn to the head of corporate and investment banking at ABN Amro, Paolo Cuccia, to replace the 42-year-old Arpe, who last month argued that the group should look for a potential tie-up. Chairman Cesare Geronzi wants the bank to remain independent.