ROME, Oct 14 (Reuters) - The chairman of small Italian lender Banca Marche resigned on Monday after just four months into the job lamenting that the conditions for a capital increase needed in the short term to restore the bank's financial health were not present.
In his resignation letter, seen by Reuters, Rainer Masera said the bank - which was placed under special administration by the Bank of Italy two months ago - needed a capital injection of around 500 million euros "very quickly".
He said there had been no firm commitmemts from local businessmen, some of whom have said they were willing to invest in Banca Marche, to rescue the lender, and that foundation shareholders did not have the means or the intention to put significant amount of money in the bank.
Masera, a former budget minister and Bank of Italy director, had been appointed at the helm of the bank in June with a mandate to turn its fortunes around.
(Reporting by Giselda Vagnoni, writing by Silvia Aloisi, editing by Valentina Za)
((silvia.aloisi@thomsonreuters.com)(+39 02 6612 9723)(Reuters Messaging: silvia.aloisi.thomsonreuters.com@reuters.net))
Keywords: BANCAMARCHE CHAIRMAN/
