November 23, 2017 / 8:15 AM / in a year

Israel's Bank Hapoalim to provision $80 mln in Q3 for U.S. tax case

TEL AVIV, Nov 23 (Reuters) - Bank Hapoalim, Israel’s largest bank, said on Thursday it will provision an additional $80 million in the third quarter to cover a possible future settlement in a U.S. tax evasion investigation.

This would bring the total amount Hapoalim has provisioned for the tax investigation to $268.5 million, it said in a statement to the Tel Aviv Stock Exchange.

The bank said it could not estimate the amount it might eventually have to pay. “It is possible that the amounts the bank will pay in reaching a settlement with U.S. authorities, if one is reached, will be significantly higher than the provision,” the bank said. (Reporting by Tova Cohen, Editing by Ari Rabinovitch)

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