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HSBC ordered to pay US$1.1b in bail as part of French probe

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HSBC Holdings Plc must pay 1 billion euros (S$1.47 billion) in bail as part of a French criminal investigations linked to a tax-evasion probe at its private bank.

[LONDON] HSBC Holdings Plc must pay 1 billion euros (S$1.47 billion) in bail as part of a French criminal investigations linked to a tax-evasion probe at its private bank.

The bank was placed under formal criminal investigation five months after its Swiss private banking unit was charged.

The decision is "without legal basis and the bail is unwarranted and excessive," HSBC said in a statement on Thursday. It will appeal the decision.

BLOOMBERG

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