Alberto Nagel, director general of Mediobanca, who last year devised a three-year plan to help the investment bank regain powerhouse status in Italy, is expected to be appointed as its new chief executive. The position has been vacant since Vincenzo Maranghi was ousted by shareholders in April 2003.

Italian newspaper La Repubblica reports that Renato Pagliaro will replace Nagel as director general. The newspaper did not say exactly when the appointments would be made but they are expected after the summer.