HSBC investigates reports of clients profiting from error

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HSBC is investigating reports that customers in Hong Kong bought the Swiss franc below market rates when an online banking system failed to keep up with the currency’s gains after the removal of a cap.

Bloomberg News reports that Apple Daily and the Hong Kong Economic Journal cited unidentified bank customers as saying that they took advantage of the mistake yesterday evening. HSBC spokeswoman Maggie Cheung said in an e-mail that the lender was looking into the reports.

The Economic Journal said a person reported making an unspecified profit during a two-hour window. Apple Daily cited a person as having made $520 after buying $6,450 of the Swiss currency.

In online forums, people debated whether HSBC would be able to claim back any profits.

To access the complete Bloomberg News article hit the link below:

HSBC Clients Profit From Swiss Franc Error, Papers Say

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