Leumi Sees Fines in Tax Probe

Leumi Switzerland is currently under investigation by U.S. authorities in a probe that encompasses 10 other Swiss-based banks, including local units of Bank Hapoalim and Mizrahi Tefahot Bank.

Bank Leumi could face stiff penalties if U.S. investigators conclude that its Leumi Private Bank Switzerland unit abetted tax evasion, the bank has warned in its third-quarter financial statement.