Bank Leumi (TASE: LUMI) is close to a $400 million settlement with the US authorities over allegations that the Israeli bank helped American clients evade taxes, "Bloomberg" reports.
According to the report, Bank Leumi will pay the US Department of Justice $270 million and a further $130 million to the New York State Department of Financial Services (DFS).
Bank Leumi's spokesperson declined to confirm the report, simply saying that the talks over a settlement are still being conducted.
At the end of last month, "Reuters" reported that the bank would pay a fine of $300 million.
In the bank's third quarter financial statement published earlier this week, it reported setting aside NIS 476 million in provisions for the ongoing investigation. This is in addition to NIS 1.1 billion already set aside for the probe.
Published by Globes [online], Israel business news - www.globes-online.com - on November 27, 2014
© Copyright of Globes Publisher Itonut (1983) Ltd. 2014