HSBC is to face a criminal probe over tax dealings at its Swiss private banking arm, the British banking giant said on Thursday, adding that a 1.0-billion-euro ($1.1-billion) bail had been imposed.
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 offenses" in a case which featured in the so-called "SwissLeaks" controversy.