Fabio Arpe, head of Caboto Holding, the securities house of Italy's largest banking group Banca Intesa, has resigned and announced his intention to join rival Euromobiliare.

Banca Intesa said that it is an amicable parting. It expressed its regret at Arpe's decision and said that a large part of the success of Caboto has been the result of his work over the past eight years.