Matteo Arpe, former chief executive of Capitalia, is to set up a diversified financial services group with operations in Rome, London and Milan.

The move by one of Europe’s best-known bankers has been keenly awaited since Mr Arpe was forced out of Capitalia when it was acquired by UniCredit in a €22bn ($32bn, £15bn) deal in May. Alessandro Profumo, UniCredit chief executive, made no room for Mr Arpe in the combined bank.