Former UniCredit SpA Chief Risk Officer Alessandro Decio and former Telecom Italia SpA CFO Piergiorgio Peluso are the front-runners to become Banca Carige SpA's new CEO, Reuters reported, citing two sources close to the matter.

Carige is currently being rescued by Italian interbank deposit fund Fondo Interbancario di Tutela dei Depositi, which bought a large part of the bank's €700 million capital increase, the news agency noted.

Carige is set to get a new head after its three special administrators appointed by the ECB complete their mandate, the sources told Reuters. The selection process is reportedly at an advanced stage, with the FITD fund likely to make a decision soon.