Castagna, who has led Banco BPM since the 2017 merger that created Italy's third-largest bank, is set to be reappointed as shareholders vote on Thursday to name a new board.

"One of our top priorities for the coming months will be to update our business plan on a stand-alone basis which, I'm sure, will be able to aim to improve the recently announced targets," Castagna told shareholders.

(Reporting by Andrea Mandala; writing by Valentina Za; Editing by Keith Weir)