Swiss Accounts

More German HSBC Clients Revealed

HSBC Private Bank Source Picture-Alliance KEYSTONE 41651982
German clients had accounts with HSBC's Swiss private bank subsidiary, according to an investigation.
  • Why it matters

    Why it matters

    HSBC and German clients of the bank could face prosecution in Germany if tax evasion is suspected.

  • Facts

    Facts

    • As many as 2,106 people with a link to Germany have had an account at a HSBC Private Bank Geneva, German media reported.
    • The bank should be prosecuted in the situation of illegal tax evasion, Germany’s vice-chancellor said.
    • HSBC is cooperating with authorities and has changed operations to prevent tax or money laundering, the bank said.
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    Audio

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As many as 2,106 people with a link to Germany had – and could possibly still have – an account at a HSBC Private Bank Geneva, according to investigative reporting  by German newspaper Süddeutscher Zeitung and broadcasters NDR and WDR.

The findings, which were released late Monday and are part of a study by the International Consortium of Investigative Journalists, could lead to more investigations into to possible tax evasion by German citizens.

The group has revealed more than 100,000 account holders from over 200 countries at the Swiss subsidiary of HSBC, which is headquartered in London.

More than 2,000 Germans had about €3.3 billion, or $3.7 billion, in Swiss HSBC accounts from a period extending up to 2007, the German media reported.

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