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.
JERUSALEM (Reuters) – Israel&rsquo-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 &ldquo-significantly higher&rdquo- 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&rsquo-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&rsquo-s activity in September.
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