British banking giant HSBC has confirmed that its Swiss unit is being investigated by French authorities, for alleged tax evasion offences and made to post EUR1bn bail over allegations.
HSBC in a statement said: "It has been placed under formal criminal investigation by the French magistrates in connection with the conduct of HSBC’s Swiss Private Bank in 2006 and 2007 for alleged tax-related offenses."
Go deeper with GlobalData
Access deeper industry intelligence
Experience unmatched clarity with a single platform that combines unique data, AI, and human expertise.
The move comes five months after HSBC’s Swiss private banking arm has been placed under formal investigation by French magistrates.
HSBC’s Swiss unit has previously posted a EUR50m bail bond with French authorities regarding the probe.
The bank said: "HSBC Holdings believes the French magistrates’ decision is without legal basis and the bail is unwarranted and excessive. It intends to appeal and will defend itself vigorously in any future proceedings."
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData
