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

Reuters

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)