The Rabobank has lost yet another high-ranking official following its role in the Libor scandal.

Arjo Blok, who was partly responsible for running the department where bankers were embroiled in the interest rate fixing affair, is stepping down with immediate effect as head of Global Financial Markets, the Financieel Dagblad reports.

He will be replaced by Jasper van Wel, currently head of Structured Financial Products.

Last October, chief executive Piet Moerland resigned, just months ahead of his retirement, after the bank was fined €774m by regulators in the US, Britain and the Netherlands for its role in the scandal.

In November, Sipko Schat, who ran the department involved, also resigned.

The bank is currently involved in a major reorganisation and recently announced the loss of 8,000 jobs at local branches where the network is being streamlined and 2,000 jobs at its Utrecht headquarters.