HSBC denies offshore banking services under investigation

HSBC has denied a newspaper report that its offshore private banking services have become part of a criminal investigation by the US Justice Department.

A report in the The New York Times said the Justice Department had extended its inquiry of foreign banks which sell offshore private banking services from UBS to include HSBC and Credit Suisse banks.

HBSC said in a statement: 'We are not aware of HSBC being investigated in connection with its offshore private banking services in the US and HSBC has not received any contact from the US authorities with regard to any such investigation.
'HSBC complies with the letter and spirit of the laws and regulations in all
the countries and territories it does business in around the world. We are
confident that our US business is compliant with its local regulatory
requirements.'

'We have good relationships with our regulators and cooperate with
investigations when required to do so.'

The Justice Department is investigating allegations that UBS helped clients hide money in secret offshore accounts.

Last month the Swiss bank said it had uncovered 'a few cases of tax fraud' as part of the US inquiry.

Read The New York Times story