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HSBC pays €300mln to French authorities to settle tax probe into Swiss bank

The agreement is the first of its kind under a new legal framework in France
HSBC said the fine had been fully provisioned

HSBC Holdings PLC (LON:HSBA) will pay €300mln to settle an investigation by French authorities into tax evasion by clients of its Swiss bank.

The bank said it was pleased to resolve the long-running investigation into tax dodging by French citizens via its private bank in Switzerland.

“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,” it said.

The French financial prosecutor’s office has dismissed the investigation.

HSBC said the agreement is the first of its kind under a new legal framework introduced to France in 2016 that allows companies to settle without any finding of guilt.

The fine had been fully provisioned, the lender added.

Shares in HSBC were little changed in afternoon trading. 

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