"I resigned frm Union Bank in order to dedicate myself to Bank Leumi," businessman Shlomo Eliyahu told TheMarker. According to Eliyahu, who holds 26.7% of Union Bank and 10% of Leumi, his resignation from the Union board of directors did not stem from any dispute among the shareholders.

Eliyahu and his son, Ofer, resigned form their positions at Union Bank last week. A report to the stock exchange issued by the bank stated the resignations were for personal reasons that did not need to be brought to the public's attention.

"I did not offer to by the Landau family's 23% stake in the bank, nor did bank chair Zeev Abeles receive any instruction from Supervisor of Banks Yitzhak Tal to explain my resignation," Eliyahu refuted certain rumors.

On Bank Leumi's privatization Eliyahu said he was waiting for the recommendations of the Marani committee which is examining the question of control in the bank after the sale of a stake by the state. "I certainly see myself among the bank's controlling shareholders after its privatization."

According to Eliyahu, he was not a partner to any Marani committee discussions. "I believe they will decide that the appointment of a director and a holding of more than 5% will require the banking supervisor's approval." Eliyahu did not appear particularly worried by the sharp drop in the bank's share price, commenting, "I've lost a lot of money on the investment in Leumi, but I just let it go by me."