February 28, 2018 / 7:12 AM / in a year

Bank Hapoalim to set aside another $75 mln in U.S. tax probe

TEL AVIV, Feb 28 (Reuters) - Bank Hapoalim, Israel’s largest bank, said on Wednesday it would set aside an additional $75 million to cover a potential settlement in a U.S. investigation of possible tax evasion by the bank’s American clients.

This latest amount would bring the total amount provisioned by the bank in the investigation to $343 million, Hapoalim said in a statement.

“The bank estimates that its overall exposure is higher than the amount of the provision it expects to include in its financial reports for 2017 such that the amount it will pay as part of a settlement with the U.S. authorities, if one is reached, will be significantly higher than the provision,” it said. (Reporting by Tova Cohen Editing by Steven Scheer)

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