United States: Bank Hapoalim warns on profits due to US tax probe

Author(s): Tova Cohen, Steven Scheer | Date: October 6, 2016 | Language: English
Source: http://www.channelnewsasia.com/ | URL: https://goo.gl/OoZBj4 | Type: Text

Bank Hapoalim , Israel’s largest bank, said on Thursday it would make a further provision estimated at US$70 million for settling a U.S. tax evasion investigation which could have “a significant impact” on its third-quarter results.
The US$70 million would be in addition to US$50 million Hapoalim has already set aside for this matter, in which U.S. authorities are investigating whether it helped American clients evade U.S. taxes at its Swiss unit.
The provision follows a meeting Hapoalim representatives had with members of the U.S. Department of Justice (DOJ) on Sept. 30 regarding a possible settlement between the two sides.

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