HSBC voices fury at £725million bail deposit in tax probe

HSBC has hit out at a €1billion (£725million) bail imposed by French magistrates as it came under a formal criminal probe into alleged tax-related offences by its Swiss private bank.

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HSBC claimed the £725m bail was 'unwarranted and excessive'

The amount of the deposit is reported to be nearly half of the scale of the alleged fraud in 2006 and 2007.

HSBC has admitted failings in controls at the private bank, which are being examined in several other countries, including Germany and Argentina.

But HSBC said the French magistrates' decision was without legal basis while the bail is "unwarranted and excessive".

It intends to appeal and will defend itself "vigorously in any future proceedings", it said.

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