President Trump’s nominee for secretary of the Navy withdrew from consideration on Sunday, saying that meeting the government’s ethics guidelines would require too great a financial sacrifice.

The nominee, Philip Bilden, a former military intelligence officer who ran the Hong Kong branch of a private equity firm, said in a statement that he had informed Defense Secretary Jim Mattis that he did not want to continue to seek confirmation a month after he had been named for the post.

It was the latest case in which wealthy businesspeople whom Mr. Trump has favored for government jobs have been tripped up by the demands of avoiding conflicts of interest. On Feb. 3, Vincent Viola, a billionaire Wall Street trader and Mr. Trump’s choice for secretary of the Army, withdrew because he decided it was too difficult to detach himself from his business interests.

Mr. Bilden said in a statement that he fully supported the president’s agenda. But he added, “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.” He did not elaborate.