Having claimed to have made 'significant progress' in negotiations with US authorities over the settlement of a long-running tax investigation, Israel's largest lender and private bank has recorded a provision of 897 million shekels (US$250 million) in the fourth quarter of 2019. It stands accused of helping American HNWs evade tax.

The figure comes from a statement submitted to the Tel Aviv Stock Exchange. The bank has also said that this provision will escalate its total provision for the eventual outcome of the investigation to some US$870 million as it has already set some $620 million aside.

The bank has been fencing with the US Department of Justice for months, if not years, over the outcome of the probe. Nobody knows the total sum of money that the bank allegedly helped its HNW customers evade.