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Bank Hapoalim sets aside further $70M for US tax probe

said it willhave to make a provision of about $70 million to settle a U.S. tax evasionclaim, which could have a "significant impact" on its results for thethird quarter, Reuters reported Oct. 6.

Thebank had already set aside $50 million in respect of the investigation by theU.S. government into suspicions that the lender helped American clients in itsSwiss unit evade U.S. taxes, the report noted.

Hapoalimmet with representatives of the U.S. Department of Justice on Sept. 30 todiscuss a possible resolution.

Thebank denies the charges and said the latest provision is not linked to adifferent investigation by the New York State Department of Financial Services.

Hapoalimreported asecond-quarter net profit attributable to controlling shareholders of 1.12billion Israeli shekels, up from 886 million shekels in the same period of2015.

As of Oct. 6, US$1 wasequivalent to 3.79 Israeli shekels.