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France’s Financial Prosecutor Requests Trial for HSBC Holdings

France’s Financial Prosecutor Requests Trial for HSBC Holdings

France’s financial prosecutor has requested a trial for HSBC Holdings and its Swiss private banking unit as it suspects that it helped customers evade taxes in 2006 – 2007. HSBC has been put under formal investigation last year and it is up to the investigating magistrates to decide whether it should stand trial.

“It is estimated the Swiss private banking unit alleged fraud stands around 2.2 billion euros.”

~ HSBC

It is estimated the Swiss private banking unit alleged fraud stands around 2.2 billion euros. HSBC has also admitted failings in its controls at the Swiss private bank but has denied any wrong doings.

Related Reports: Reuters, CNBC

 

About HSBC

HSBC is one of the world’s largest banking and financial services organisations. With around 6,000 offices in both established and emerging markets, we aim to be where the growth is, connecting customers to opportunities, enabling businesses to thrive and economies to prosper, and, ultimately, helping people to fulfil their hopes and realise their ambitions.

We serve more than 47 million customers through our four Global Businesses: Retail Banking and Wealth Management, Commercial Banking, Global Banking and Markets, and Global Private Banking. Our network covers 71 countries and territories in Europe, Asia, the Middle East and Africa, North America and Latin America. Listed on the London, Hong Kong, New York, Paris and Bermuda stock exchanges, shares in HSBC Holdings plc are held by about 213,000 shareholders in 132 countries and territories.

Visit: HSBC


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