13th Mar 2015 15:41
LONDON (Alliance News) - HSBC Holdings PLC's Swiss private bank should face a criminal trial over tax evasion allegations, the French financial prosecutor's office has demanded, according to a BBC News report on Friday.
According to the report, HSBC's Swiss private bank has one month to respond to the demands.
A leak of documents to various media organisations has sparked controversy and strong public interest in allegations that HSBC's Swiss private bank helped clients to evade tax, hurting the bank's reputation.
HSBC has apologised over the way the Swiss unit of its private bank conducted business in the past.
HSBC Holdings shares were down 0.2% at 559.36 pence on Friday afternoon.
http://www.bbc.co.uk/news/business-31871325
By Samuel Agini; [email protected]; @samuelagini
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