HSBC to Pay $352 Million to Resolve Tax Probe Into Swiss Bank

By Brian Blackstone Features Dow Jones Newswires

HSBC Holdings PLC said Tuesday that its Swiss private-banking unit will pay EUR300 million ($352 million) to resolve an investigation launched by French authorities into tax-related matters involving clients of its Swiss bank.

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"HSBC is pleased to resolve this legacy investigation which relates to conduct that took place many years ago," the bank said in a statement. "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."

HSBC said that under the agreement announced Tuesday, there is no finding of guilt on the part of the Swiss Private Bank.

Write to Brian Blackstone at brian.blackstone@wsj.com

(END) Dow Jones Newswires

November 14, 2017 10:34 ET (15:34 GMT)