Alessandro Profumo, chief executive of UniCredit, has delivered a letter of resignation to the bank's chairman amid clashes with the board over Libya's growing influence over the lender, a person familiar with the matter said.

Unicredit's board will hold an extraordinary meeting later Tuesday to consider the offer to resign. The bank is finalising the details of a financial settlement to facilitate Mr. Profumo's exit, the person familiar with the matter said.