Israel’s financial watchdog has accused Bank of Palestine of bias against Palestinians, saying he was appointed in a “politically motivated” way in his post.

The Jerusalem Post reported Thursday that the Central Bureau of Investigation’s criminal investigation department had opened an inquiry into the appointment of Bibi Ben-Ami to the Bank of New Israel, Israel’s biggest lender, in May.

The investigation found that Ben-Amini, a lawyer and former deputy finance minister, “had an appointment that had the potential to have a significant impact on the independence of the Bank’s management,” the statement said.

Ben-Amid resigned in May from his post as deputy finance and investment minister and his position has since been given to a new chief.

In his post, Ben-Adi was to oversee the bank’s operations in the West Bank and East Jerusalem, as well as the construction of settlements in the occupied territories.

The bank is currently preparing to issue a new stock listing to sell shares in a planned $1.2 trillion public offering.

According to the statement, Benamid has a history of “inciting violence and acts of violence against Israeli citizens, Israeli soldiers, Israeli police, and Israeli civilians, including Israeli soldiers who have died defending the state and Israeli citizens who have been killed during incitement.”

The Bank of the West, Israel, is Israel’s second-largest lender and has an annual revenue of more than $3 billion.

It is the biggest bank in Israel and has the country’s second largest foreign reserves.