Israel’s Bank Leumi is reportedly close to a deal with US Justice Department and may agree to pay nearly ILS1 billion (US$289 million) to settle a investigation into whether it helped Americans evade taxes.

According to Reuters, the settlement is likely to take weeks or months to complete.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Leumi would be the first Israeli bank to settle a tax probe with the US Justice Department.

Last month, Swiss bank Credit Suisse agreed to pay more than US$2.5 billion in penalties to settle similar case.

Leumi, which had already set aside ILS490 million shekels, would increase this by ILS460 million to make a total of ILS950 million, according to the Reuters report.

The bank will record this charge in the second quarter which would significantly impact quarterly results, it said.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

"In order to settle all the issues related to the US customers matter, the bank continues to hold discussions with additional relevant U.S authorities," the publication quoted the bank as saying.