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HSBC To Pay €300M To End French Tax Probe Into Swiss Arm

Law360, London (November 14, 2017, 5:24 PM GMT) -- HSBC Holdings PLC has agreed to pay €300 million ($353 million) to settle a longstanding investigation launched by French authorities into allegations it helped clients evade taxes via its Swiss private-banking unit, the lender said on Tuesday.

France's financial prosecutor said the settlement was connected to wrongdoing by the bank’s Swiss unit, which helped French clients conceal over €1.6 billion ($1.9 billion) of assets. (AP) The agreement between HSBC Private Bank (Suisse) SA and the national financial prosecutor is the first under the Judicial Convention of...
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