HSBC says France opens criminal probe of its Swiss unit
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HSBC said Thursday it is under formal criminal investigation in France over alleged tax fraud by its Swiss private bank.
The London-based bank says French authorities have imposed bail of 1 billion euros ($1.1 billion) while they investigate alleged wrongdoing in 2006-2007.
In a statement Thursday, HSBC said "the French magistrates' decision is without legal basis and the bail is unwarranted and excessive."
It said it would defend itself "vigorously" in any legal proceedings.
