The Italian government must brief the European Commission on its plans to privatize Banca Monte dei Paschi di Siena SpA by 2019, the bank's CEO Marco Morelli said in an interview with Italian newspaper Corriere della Sera, Reuters reported.

Italy owns a 68% stake in the lender and is expected to exit the bank by 2021, according to the newswire.

Monte dei Paschi is "on a very narrow path and we cannot wander off," Morelli said, adding that the lender was "on the right track" with respect to the European Commission-approved rescue agreement between it and the Italian state.

Morelli's statement comes against the backdrop of an agreement between the Five Star Movement and the League in Italy which has proposed rolling back the rescue plans for Monte dei Paschi, choosing, instead, to retain state ownership of the bank.

Further, the League's economic spokesman Claudio Borghi said the party might seek to replace Morelli as CEO.

The two political parties are in talks to form a government in Italy.