October 3, 2017 / 6:50 AM / a year ago

Bank Hapoalim says U.S. tax settlement may be higher than thought

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

JERUSALEM (Reuters) - Israel’s Bank Hapoalim said on Tuesday the amount it may have to pay in a future settlement with U.S. authorities in a tax evasion probe could be “significantly higher” than previously thought and the provision for it may have to be raised.

Hapoalim has set aside close to $200 million to cover potential fines as U.S. authorities pursue an investigation to find whether Israel’s largest lender helped American clients evade U.S. taxes at its Swiss unit.

In a report to the Tel Aviv Stock Exchange, the bank also said it had stopped its Swiss unit’s activity in September.

Reporting by Maayan Lubell, Editing by Ari Rabinovitch

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