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HSBC clients profit from online Swiss franc error: papers

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HSBC Holdings customers in Hong Kong bought the Swiss franc below market rates when an online banking system failed to keep up as the currency soared after the removal of a cap, two newspapers said.

[HONG KONG] HSBC Holdings customers in Hong Kong bought the Swiss franc below market rates when an online banking system failed to keep up as the currency soared after the removal of a cap, two newspapers said.

Apple Daily and the Hong Kong Economic Journal cited unidentified bank customers as saying that they took advantage of the mistake yesterday evening. HSBC spokeswoman Maggie Cheung said in an e-mail that the lender was investigating.

The Economic Journal said a person reported making an unspecified profit during a two-hour window. Apple Daily cited a person as having made HK$4000 (US$520) after buying HK$50,000 of the Swiss currency.

BLOOMBERG