France probes HSBC over possible tax dodging clients

PARIS – HSBC says it has been placed under formal investigation in France over services it offered to clients required to pay taxes in France.

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.