Former Israeli prime minister Ehud Barak will replace Shimon Peres at an event held by Bank Hapoalim after a public outcry forced the former president to put an end to a deal he reached with the bank, according to which he would receive $30,000 per month for consultations and lectures.

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Calcalist learned the it is likely Barak will replace Peres at the event and will receive an undisclosed sum for his participation.

Ehud Barak (Photo: AFP)

The event is being held to mark 40 years to the bank's activities in the US. At the end of 1974, Bank Hapoalim set up its first branch outside of Israel, setting up shop in Rockafeller Center in New York.

Peres & Bank Hapoalim Peres cancels Bank Hapoalim contract after public criticism Itamar Eichner Former president says he did not make a penny from the deal, 'my reputation is my only bank.' Peres cancels Bank Hapoalim contract after public criticism

Since leaving government in 2013, Barak has worked as a consultant for a number of hedge funds, earning what he recently said in an interview to Haaretz was close to a million dollars a year.

Calcalist reported Sunday that Peres has now signed a consultant contract with pharmaceuticals giant Teva, according to which he will receive $10,000 per month.

Shimon Peres (Photo: Keshet)

Israeli media reported last week that Peres was working for the bank, reports which caused anger and prompted Peres to end the deal. According to the contract with Bank Hapoalim, Peres was to receive $30,000 per month for advisement and lectures abroad.

"I am not prepared to have a false spin put on my lectures and meetings in New York. I'm not anyone's lobbyist. I would like to immediately cancel the contract with the bank," Peres told his closest advisers.

In a recent statement, Peres' office said "not one penny was not intended for Mr. Peres' pocket, but was earmarked as a contribution to social welfare projects. However, out of a desire to be responsive to the public sentiment and because of erroneous interpretations, Mr. Peres has announced the full cancellation of the contract."

In a recent interview with Channel 2 news, Peres said: "I did not do anything wrong. I do not earn a single penny, as I did not take a penny of that money. I'm not a lobbyist at all. I do not have a bank, I have my name, and my good name is the only bank that I have."