Former Bank Hapoalim management committee board chairman Amiram Sivan has resigned as chairman of Hapoalim subsidiary Israel Continental Bank,
, Sivan who held the seat for all of four months decided to step down after realizing he had no influence over the bank's management.
Sivan rejected assessments that his resignation is linked with the Peled-Givony group, which borrowed large sums from Continental.
Continental should be merged into Hapoalim, Sivan said: it is a small bank with practically no justification to operate as an independent entity.
Hapoalim, Continental's parent company, is the biggest bank in Israel.