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HSBC's settlement ends proceedings against it - French prosecutor
November 14, 2017 / 3:09 PM / 11 days ago

HSBC's settlement ends proceedings against it - French prosecutor

PARIS, Nov 14 (Reuters) - HSBC’s decision to pay 300 million euros ($352.5 million) to settle an investigation into tax dodging by French citizens will end proceedings against the bank provided it does make that payment, the French financial prosecutor’s office said on Tuesday.

The financial prosecutor added in a statement that the settlement was the first of its kind under a new French legal framework.

It also said that two former directors of HSBC’s Swiss private bank remained subject to possible legal action.

Earlier on Tuesday, HSBC said it would make the payment to settle the long-running probe into tax dodging by French citizens via its private bank in Switzerland.

$1 = 0.8511 euros Reporting by Sudip Kar-Gupta; Editing by Ingrid Melander

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