PARIS – HSBC says it has been placed under formal investigation in France over services it offered to clients required to pay taxes in France.
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In a statement Friday, Switzerland-based HSBC Private Bank said French investigators demanded a 50 million euro ($62 million) bond.
France's government is increasingly cracking down on tax dodgers, including establishing an office dedicated solely to investigating financial crimes.
HSBC said the investigation involves the bank's actions from 2006-2007.