Reuters logo
Bank Hapoalim says U.S. tax settlement may be higher than thought
October 3, 2017 / 6:36 AM / 2 months ago

Bank Hapoalim says U.S. tax settlement may be higher than thought

JERUSALEM, Oct 3 (Reuters) - Israel’s Bank Hapoalim said on Tuesday the amount it may have to pay in a future settlement with U.S. authorities in a tax evasion probe could be “significantly higher” than previously thought and the provision for it may have to be raised.

Hapoalim has set aside close to $200 million to cover potential fines as U.S. authorities pursue an investigation to find whether Israel’s largest lender helped American clients evade U.S. taxes at its Swiss unit.

In a report to the Tel Aviv Stock Exchange, the bank also said it had stopped its Swiss unit’s activity in September. (Reporting by Maayan Lubell, Editing by Ari Rabinovitch)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below