Monday, February 16, 2015

HSBC made his mea culpa in the British press – The Time (Subscription)

HSBC made his mea culpa in the British press – The Time (Subscription)



London (AWP / ats / reu / afp) – HSBC Bank is still under fire from critics a week after revelations of several newspapers on aid practices of its tax evasion Swiss subsidiary. The facility has a letter published on Sunday in several British newspapers to send its “sincere apologies”.

The letter, published in full screen and signed by the Director General of the establishment Stuart Gulliver, reports of a “painful experience” for customers, shareholders and employees.

The largest European bank admitted failures in compliance and controls its Swiss operations. “We must show that we understand that the companies we serve expect more from us,” writes Stuart Gulliver. “That’s why we offer our sincere apologies.”

HSBC said that the vast majority of the 140 people named in the press has since left the bank and that the institution has implemented much stricter controls on customer acceptance.

“We have absolutely no desire to do business with clients who evade taxes or do not meet our standards of compliance financial crime, “says the letter. The bank had already acknowledged earlier this week of “shortcomings”, ensuring that the practices of the past.


The scandal forced SwissLeaks the former head of HSBC Stephen Green to leave office within TheCityUK, a lobby group promoting British finance. “Lord Green has decided to step down as chairman of TheCityUK Advisory Board with immediate effect”, said Saturday the lobby based in London, in a statement.

“Anxious not to harm the effectiveness of the action of TheCityUK (…), he wanted to step back, “the chairman of the board of directors of this pressure group, Gerry Grimstone. “This decision is entirely hers,” he added.

The brief statement does not mention the case that SwissLeaks Stephen Green button. The latter was CEO (2003-2006) and president (2006-2010) of HSBC, when the bank was transiting 180 billion euros of rich clients to accounts in Switzerland to prevent them from having to pay taxes, according to the international inquiry that has shaken the world of finance.


The investigation, dubbed SwissLeaks was carried out on the basis of HSBC bank’s files Switzerland, with headquarters in Geneva. Data were stolen in 2007 by a former employee of the bank, the Franco-Italian computer scientist Hervé Falciani.

The Bank of England (BoE) could also investigate HSBC said Friday one of its main leaders. “The allegations about HSBC raise serious questions about the conduct of the bank,” he told the BBC Jon Cunliffe, the deputy governor of the Bank of England responsible for financial stability.

“We should be able to expect from the direction of a large group that should ensure that the culture and activities of this group can help control this type of risk, “he added. “Certainly this is an issue that could be our responsibility.

Stuart Gulliver must appear before British parliamentarians to explain the matter, as the chairman of Douglas Flint Group.



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