(Reuters) HSBC Holdings has agreed to pay €300m (£269m) to settle a long-running investigation into tax dodging 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 that lets companies settle without any finding of guilt, HSBC said in a statement, adding the amount of the fine had been fully provisioned. The investigation of HSBC Holdings has been dismissed.
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.