Israel's Bank Hapoalim Says to Pay $870m to End U.S. Tax Probe
The settlement still needs approval from U.S. regulators
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.
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