Bank HapoalimB.M.'s CEO Zion Kenan handed in his resignation and will step downfrom his post in six months, Israeli newspaper Globes reported March 31.

It added that the lender's recently appointed COO and deputy CEO, Ari Pinto, isKenan's likely successor. According to Globes,the 60-year-old incumbent has spent 38 years at Bank Hapoalim and his contracthad been due to expire in 18 months.

Kenan's resignation comes in the wake of Israel's recentintroduction of a cap on bankers'pay, which was criticizedby Bank Hapoalim Chairman Yair Seroussi.