Bank Leumi Shares Jump after U.S. $400MM Tax Settlement
Reuters reported that shares of Israeli Bank Leumi jumped nearly 4% after the bank reached a $400 million tax settlement. According to Reuters, the settlement comes after two separate investigations into whether the bank helped its American clients evade taxes in the U.S.
Reuters noted that Barclays analyst Tavy Rosner said, “We expect to see upward moves in the stocks as the settlement with U.S. authorities should lift a major overhang from the shares.” He rates Leumi as “overweight” with a target price of 16 shekels (US$4.07).
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