HSBC's Swiss private banking arm under investigation in France
PARIS (Reuters) - The Swiss private banking arm of HSBC Holdings Plc said on Friday it had been placed under formal investigation by French magistrates, who are looking into whether the bank helped certain clients avoid paying taxes.
"We confirm that HSBC Private Bank (Suisse) SA has been placed under formal investigation by French magistrates who are examining whether the bank acted appropriately between 2006-07 in relation to certain clients of the bank who had French tax reporting requirements, as well as in relation to the way the bank offered its services in the country," the bank said in an emailed statement.
In connection with the investigation, the bank said it had been asked to deposit a bail bond of 50 million euros (40 million pounds).
"We will continue to cooperate with the French authorities to the fullest extent possible," it added.
(Reporting by Dominique Vidalon; Editing by Natalie Huet)
