Mizrahi Tefahot Bank Ltd. said the U.S. Department of Justice's proposal that it pay a fine of $342 million to end a tax evasion investigation was not acceptable.

The Justice Department's proposal did not include any details or calculation of the sum proposed, the bank said, adding that it believed that any "reasonable calculation," based on the alleged conduct of the firm, via its employees, as described by the DOJ, would lead to a fine much lower than the one proposed.

Mizrahi Tefahot said it was examining the meaning of the proposal and its effect on second-quarter earnings.