HSBC must pay $1.1bn in bail as part of French criminal investigations linked to a tax-evasion probe at its private bank.
Bloomberg News reports that HSBC on Wednesday was informed it was placed under formal criminal investigation regarding its private bank’s conduct in 2006 and 2007.
The move came five months after HSBC’s Swiss unit was charged and ordered to post a $53.7m.
The decision is 'without legal basis and the bail is unwarranted and excessive', HSBC said in a statement on Thursday. It will appeal the decision.
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HSBC Ordered to Pay $1.1 Billion in Bail in French Tax Probe
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