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HSBC pays 300 million euro to settle French probe of Swiss bank

HSBC pays 300 million euro to settle French probe of Swiss bank

ZURICH (Reuters) – HSBC Holdings (HSBA.L) has agreed to pay 300 million euros (£269 million) to settle a long-running investigation into tax dodging by French citizens via its private bank in Switzerland, the lender said on Tuesday.

The HSBC headquarters is seen in the Canary Wharf financial district in east London, Britain February 15, 2016. REUTERS/Hannah McKay

The agreement is a first under a French system introduced in 2016 that lets companies settle without any finding of guilt, HSBC said in a statement, adding the amount of the fine had been fully provisioned. The investigation of HSBC Holdings has been dismissed.

Reporting by Michael Shields

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Source: Reuters Latest News

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