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

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With a payment of €300 million (CHF350 million), the Swiss subsidiary of British bank HSBC has settled its tax fraud dispute with the French authorities. Under this agreement, the bank acknowledges "the existence of the alleged facts".

The deal struck between the financial crime prosecutor's office and the bank is a first in France under a new procedure.

French prosecutors have now dropped the case against HSBC Holdings. Other countries such as Argentina, Belgium, Spain and the United States also started investigations.

"HSBC has publicly acknowledged historical control weaknesses at the Swiss Private Bank on a number of occasions and has taken firm steps to address them", it said.

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