Banco de Guayaquil SA Chief Executive Officer Guillermo Lasso plans to challenge President Rafael Correa in elections next year, newswire Ecuadorenvivo reported.

Lasso will resign from Banco de Guayaquil and announce his candidacy on May 7, Ecuadorenvivo said today on its website, citing people at the bank it didn’t identify.

To contact the reporter on this story: Nathan Gill in Quito at ngill4@bloomberg.net.

To contact the editor responsible for this story: Joshua Goodman at jgoodman19@bloomberg.net.