Maurizio Cozzolini, chief executive of Bipop Carire, the Italian bank that merged with Banca di Roma earlier this week, has resigned following investigations of alleged irregularities at Bipop.

Bipop has been under investigation since August last year. When Cozzolini assumed the role as chief executive last August he launched an internal investigation of the former management of the group for having authorised guaranteed contracts without the knowledge of the board.