HSBC pays 300 million euros to settle investigation of Swiss bank

HSBC Holdings has agreed to pay 300 million euros ($353 million) to settle a long-running investigation into tax evasion by French citizens via its private bank in Switzerland, the lender said on Tuesday.

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.

Source: Reuters

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