Reported by Private Banker International

(Excerpt shown below. To read full report, go to: https://www.privatebankerinternational.com/news/hsbc-swiss-private-bank-probe/?cf-view)

HSBC Holdings’ Swiss private banking arm is currently under scrutiny by local and French law enforcement agencies, the bank in a statement.  

The investigations, which are in their preliminary stages, are focused on potential offenses linked to “two historical banking relationships.” 

The banking giant aid that the outcome of these investigations could have a significant impact on its operations, although it is currently “not practicable” to estimate the extent of the potential repercussions. 

In its interim report, the bank stated: “Based on the facts currently known, it is not practicable at this time for HSBC to predict the resolution of these matters….”