HSBC Private Bank (Suisse) SA (‘HSBC Swiss Private Bank’) has reached a settlement with the U.S. Department of Justice to resolve an investigation into its legacy business with U.S. clients.
Under the three-year deferred prosecution agreement that relates to activities from at least 2000 to 2010, HSBC Swiss Private Bank will pay US$192.35 million to the U.S. authorities. The amount has been fully provisioned.
HSBC Swiss Private Bank proactively contacted the Justice Department a number of years before the U.S.-Swiss Bank Program was announced in 2013 and self-reported its past activities. It has cooperated extensively with U.S. authorities, in compliance with Swiss law, to bring this investigation to a close.
“We are pleased to resolve this legacy matter. Over the past decade we have strengthened our compliance function, enhanced our control framework and put in place a comprehensive client tax transparency policy," said Alex Classen, CEO of HSBC Private Bank (Suisse) SA.
“Today the Swiss subsidiary operates under new management and is focused on a smaller set of markets and clients. Based on this strong foundation, and as the longstanding U.S. investigation comes to a close, HSBC’s Swiss subsidiary is fully focused on growing its business in a sustainable way," Classen said.
Note to editors:
About HSBC Private Banking
As part of the HSBC Group, one of the world’s largest banking and financial services organisations, HSBC Private Banking seeks to be the leading private bank for business owners and their families. It provides clients with wealth, business and family succession solutions in the largest and fastest growing markets around the world. HSBC Private Banking is the marketing name for the private banking business conducted by the principal private banking subsidiaries of the HSBC Group. For more information, visit www.hsbcprivatebank.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20191210006007/en/
Contacts:
Michael Spiess +41 (0)58 705 55 58 michael.spiess@hsbcpb.com
Rob Sherman +1 212-525-6901 robert.a.sherman@us.hsbc.com
