Bank Leumi's prospectus notes that it should be assumed that Bank Leumi France is one of the banks being investigated by the French state prosecutor. The French police investigation concerns a money-laundering network allegedly operating between Israel and France since 1996. As part of this probe, Bank Leumi France was questioned under warning in connection to its operations as a correspondent bank transferring checks deposited in Bank Leumi in Israel and drawn in French banks. A Bank Leumi spokesman said yesterday there is no connection between the events concerning Bank Leumi France and Maor's resignation. He said that Maor had served as chairman of the board of directors of Bank Leumi France for seven years and that following a reorganization of her schedule, it had been decided to replace her in the position with Leumi's chairman of the board, Eitan Raff. Maor also serves as chairman of the board of directors of Bank Leumi le-Israel Switzerland.