November 14, 2017 / 3:11 PM / a year ago

HSBC's settlement ends proceedings against it - French prosecutor

FILE PHOTO: The HSBC bank logo is seen at their offices in the Canary Wharf financial district in London, Britain, March 3, 2016. REUTERS/Reinhard Krause/File Photo

PARIS (Reuters) - HSBC’s decision to pay 300 million euros (£269 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 (HSBA.L) said it would make the payment to settle the long-running probe into tax dodging by French citizens via its private bank in Switzerland.

Reporting by Sudip Kar-Gupta; Editing by Ingrid Melander

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