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

By Brian BlackstoneFeaturesDow 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.

"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."

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

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(END) Dow Jones Newswires

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