Reuters - HSBC pays $353m in tax settlement

HSBC Canary Wharf

HSBC has agreed to pay $353m to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, the lender said on Tuesday.

Reuters reports that the agreement is a first under a French system introduced in 2016 to allow companies to settle without any finding of guilt, HSBC said in a statement, adding the fine had been fully provisioned.

“The investigation regarding HSBC Holdings has been dismissed,” HSBC said in its statement.

The French financial prosecutor’s office also confirmed the settlement ends proceedings against HSBC, provided that HSBC makes the payment.

It added, however, that two unnamed former directors of HSBC’s Swiss private bank remained subject to possible legal action.

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HSBC pays 300 million euros to settle investigation of Swiss bank

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