British banking giant HSBC said it is facing a French criminal inquiry over its Swiss private banking division, weeks after ‘SwissLeaks’ claimed the bank had helped clients hide billions from the taxman.
HSBC said in a statement that "it has been placed under formal criminal investigation by the French magistrates in connection with the conduct of HSBC's Swiss Private Bank in 2006 and 2007 for alleged tax-related offences".
The recent probe is in addition to one launched by French authorities last year into HSBC's Swiss Private Bank.
