HSBC's French tax probe bail fee reduced

HSBC Canary Wharf

A French court reduced the bail HSBC must post in connection with a criminal probe into tax evasion by its private-banking clients to $112m from $1.075bn.

'HSBC acknowledges the decision of the French Court of Appeal to partially accept the appeal and to reduce the bail', the bank said in an e-mailed statement on Monday.

Bloomberg News reports that the bank in April was placed under formal criminal investigation regarding its private bank’s conduct in 2006 and 2007. The move came seven months after HSBC’s Swiss unit was charged and ordered to post a 50 million-euro bail [$53.76m].

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

HSBC’s French Tax Probe Bail Slashed to 100 Million Euros

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