HSBC has taken out several full-page ads in several British Sunday newspapers to announce its apology over the scandal which is enveloping it.
Documents leaked by whistleblower Herve Falciani purport that HSBC’s Swiss private bank with active in helping clients evade tax.
HSBC chief executive Stuart Gulliver signed an open letter to customers and staff in which he confessed that recent media coverage of the scandal has been “a painful experience”.
The Treasury Committee will conduct an inquiry into the claims.
HMRC met the police and the Serious Fraud Office earlier this week to enlarge the remit of its investigation into Swiss tax accounts held with HSBC.
Mr Gulliver’s letter says he wanted to reassure customers that the Swiss subsidiary bank has been “completely overhauled”.
"The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.
"We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies."
Mr Gulliver also said that the recent media coverage must be put "into context".
"A former employee of the Swiss private bank stole data more than eight years ago.
"Major UK media outlets have focused on approximately 140 names included in the stolen data.
"Many of the people mentioned have been named simply because they are well-known individuals. The vast majority of these 140 people are no longer clients.
"The media has been mentioning a number of 100,000 clients. At its peak, the Swiss private bank had about 30,000 accounts.
"We have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards."
Comments
The clever people must have moved their money already, possibly warned by bank staff of their impending exposure.