Bank Leumi elects five board members

* Leumi shareholders choose five board members

* David Brodet seen as frontrunner to become chairman

TEL AVIV, June 3 (Reuters) - Bank Leumi (LUMI.TA) shareholders have elected five board members, paving the way to finding a new chairman for the bank.

Leumi, Israel's largest bank, said in a statement on Thursday the five candidates selected by the bank's appointments committee in April were elected to the board. There were 25 candidates on the secret ballot.

The five include David Brodet, a former director-general of the Finance Ministry and ex-chairman of Mizrahi-Tefahot Bank (MZTF.TA), who is seen as the most likely person to become chairman.

Phoenix Insurance (PHOE1.TA) Chairman Ehud Shapira is also considered a strong candidate.

The three other elected directors are Moshe Dovrat, who already serves as a director; Yehuda Drori, a former insurance supervisor; and Yoav Nerdi, a former deputy chief executive of Bank of Jerusalem. The election of the five still needs approval from the supervisor of banks, Leumi said.

The person who will replace outgoing chairman Eitan Raff, is likely to be named next week at the earliest after consultations with Finance Minister Yuval Steinitz and Supervisor of Banks Roni Hizkiyahu.

Of the 15-member board, there are nine executive members eligible to become chairman, including the five men just elected.

The government is the largest shareholder in Leumi with an 11.5 percent stake but is expected to sell its holding in the coming months. [nLDE6440NP]

Leumi's largest private shareholder Shlomo Eliahu, who holds 9.59 percent, boycotted the meeting after his bid to delay the vote until after the sale of the government's stake was rejected. Eliahu is seeking to put together a group of investors to form a controlling stake in Leumi. [ID:nLDE64M02V] (Reporting by Tova Cohen; editing by Karen Foster)