Stefano Di Stefano, the senior official at the Ministry of Economy and Finance under investigation for insider trading, has resigned from his position as a member of the board of directors at Banca Monte dei Paschi.

The Siena-based bank announced the news in a statement.

Di Stefano, a non-independent director and member of the Risk and Sustainability Committee, "tendered his resignation from the position today, with immediate effect, for personal reasons and in connection with the initiation of investigations against him," according to the statement dated yesterday.

Di Stefano is under investigation for allegedly purchasing shares of Mps and Mediobanca during the period when Mps successfully completed its offer on Piazzetta Cuccia, two sources reported.

Prosecutors believe the senior Treasury official may have acquired shares in the two banks for a total value of approximately €120,000.

(Antonella Cinelli, editing by Stefano Bernabei)