New York, Feb 27 (IANS): The US President Donald Trump's nominee for navy secretary, investor Philip Bilden, on Monday withdrew his name from consideration for the post over the conflict of interest that his finances could pose.

"After an extensive review process, I have determined that I will not be able to satisfy the Office of Government Ethics requirements without undue disruption and materially adverse divestment of my family's private financial interests," Efe news agency quoted Bilden saying.

He added that he fully supports the president's program and leadership in modernising and rebuilding the US Navy and Marine Corps, going on to say that he had informed Defense Secretary James Mattis of his decision.

Bilden is the second person Trump has nominated for a secretariship of one of the military branches to withdraw his candidacy, following Army secretary nominee Vincent Viola, who withdrew earlier in February asserting that he would not be able to easily divest himself of his own business activities and links.