The Israeli bank has now set aside $343 million to cover the US investigation into allegations that it helped US customers evade taxes.
Bank Hapoalim (TASE: POLI) announced today that it is increasing the amount it is setting aside to cover any financial sanctions taken following the investigation by the US authorities into allegations that it helped US customers evade taxes.
The Israeli bank is now setting aside an additional $75 million bringing to $343 million the total amount it has set aside. The figure is now approaching the $400 million that Bank Leumi (TASE: LUMI) paid the US authorities three years ago following a similar probe by the US authorities.
The latest $75 million being set aside follows the passing on of additional data by Bank Hapoalim to the US authorities. "Globes" recently revealed that Bank Hapoalim is expected to provide more disclosure about the US investigation following a request by the Bank of Israel.
Published by Globes [online], Israel business news - www.globes-online.com - on February 28, 2018
© Copyright of Globes Publisher Itonut (1983) Ltd. 2018
Bank Hapoalim