HSBC to Pay $352 Million to Resolve Tax Probe Into Swiss Bank
November 14 2017 - 10:49AM
Dow Jones News
By Brian Blackstone
ZURICH-- HSBC Holdings PLC said Tuesday that its Swiss
private-banking unit will pay EUR300 million ($352 million) to
resolve an investigation launched by French authorities into
tax-related matters involving clients of its Swiss bank.
"HSBC is pleased to resolve this legacy investigation which
relates to conduct that took place many years ago," the bank said
in a statement. "HSBC has publicly acknowledged historical control
weaknesses at the Swiss Private Bank on a number of occasions and
has taken firm steps to address them."
HSBC said that under the agreement announced Tuesday, there is
no finding of guilt on the part of the Swiss Private Bank.
Write to Brian Blackstone at brian.blackstone@wsj.com
(END) Dow Jones Newswires
November 14, 2017 10:34 ET (15:34 GMT)
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