JERUSALEM — Israeli-American billionaire Shari Arison is on her way out as controlling shareholder of Israel's largest bank.

The Bank of Israel said Tuesday that Arison's control permit will be canceled at the end of the year and replaced by a holding permit.

It says she will have to sell her shares within five years and bank directors loyal to her will resign immediately.

Arison had requested to sell the shares after she was unable to find a buyer for the bank. Once the new arrangement goes into effect, Bank Hapoalim will become a bank without a controlling core, similar to Israel's other two large banks — Leumi and Discount.

Arison's investment company is the subject of a corruption investigation, and she has been questioned by police as part of the probe.