HSBA Hsbc Holdings Plc

   By Stephen Nakrosis 
 

HSBC Private Bank (Suisse) SA said Tuesday it agreed to settle a legacy investigation with the U.S. Justice Department.

The bank said it will pay $192.32 million under a three-year deferred prosecution agreement to resolve the investigation into its legacy business with U.S. clients. The deferred prosecution agreement relates to activities from at least 2000 to 2010, the bank said.

The Justice Department said Tuesday "HSBC Switzerland admitted to conspiring with U.S. taxpayers to evade taxes." The Justice Department also said the bank will pay $60.6 million in restitution to the IRS and will forfeit $71.85 million to the U.S. HSBC Switzerland also agreed to pay a penalty of $59.9 million, the Justice Department said.

"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, the bank's chief executive.

HSBC Private Bank (Suisse) SA is a private bank, with headquarters in Geneva, and is part of the HSBC Group.

--Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 10, 2019 16:31 ET (21:31 GMT)

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