The bank said earlier this month it would set aside an additional $246 million in the quarter to cover a possible future settlement regarding an investigation of the bank’s business with U.S. clients. This provision will bring its total provisions to $611 million.The excerpt does not state specifically that the $611 million relates to the U.S.tax investigation, but that is the inference. (See also the relative numbers reported Bank Hapoalim 2018 results: profits dip on US probe provision (Retail Banker International 3/18/19), here.)
Tuesday, March 19, 2019
Bank Hapaolim Increases Its Reserve for U.S. DOJ Tax Investigation (3/19/19)
Israel's Bank Hapoalim Q4 net profit sinks on U.S. tax probe provision (Reuters 3/18/19), here. Excerpt:
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