Israel's Bank Hapoalim Says to Pay $870m to End U.S. Tax Probe

The settlement still needs approval from U.S. regulators

The logo of Bank Hapoalim, Israel's biggest bank, is seen at their main branch in Tel Aviv, Israel July 18, 2016.
Amir Cohen/ REUTERS

Bank Hapoalim said on Wednesday it expects to pay a total of $870 million to bring to an end a U.S. investigation into whether the bank helped its clients avoid paying taxes.

The bank, Israel’s biggest lender, said in a regulatory filing it will increase its provision for the tax probe in the fourth quarter to $259 million, in addition to $611 million it had already set aside.

The settlement still needs approval from U.S. regulators, the bank said.

The bank also said it expects to pay $30 million, which it will provision in the fourth quarter, to settle a U.S. probe into alleged corruption involving officials from world soccer’s governing body, FIFA.