A Qantas Airways non-executive director who quit today has denied allegations that she was connected to a fraud scandal at Italy’s oldest bank.

Corinne Namblard, who joined the Qantas board in 2011, was formerly the chief executive of Luxembourg Galaxy Fund, a company that successfully bid for the privatisation of Siena Airport. The airport was majority-controlled by Italian bank Monte dei Paschi de Siena, and Italian media have run reports of bid-rigging and fraud in the airport’s privatisation process.

Qantas said in a statement today that it was in the best interests of both Namblard and Qantas for her to resign.

"Ms Namblard was especially concerned to ensure that the continuing media focus on the current Italian proceedings did not distract Qantas from implementing its strategic imperatives nor detract from the achievements that Qantas has had in meeting the challenges to its business,” a spokesperson for the airline said in a statement.

“It is also apt to note that Ms Namblard strenuously denies any wrongdoing in relation to the matters which are the subject of the Italian proceedings, and the Qantas board has no reason whatsoever to doubt that position."