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HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC to Pay 300 Million Euros to Settle French Tax Dodging Probe in Switzerland

HSBC will pay 300 million euros ($352.5 million) to settle tax evasion investigation of French citizens through its HSBC Private Bank in Switzerland.

“HSBC Decides to Pay 300 Million Euros to Settle French Tax Dodging Probe via HSBC Private Bank in Switzerland”

The French financial prosecutor’s office said that French citizens will end proceedings against the bank provided it does make that payment. The settlement was the first of its kind under a new French legal framework.

Source: Reuters, Business Insider

 

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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 about213,000 shareholders in 132 countries and territories.

Visit: HSBC

 


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