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| Swiss police raid HSBC's Geneva office | |
| (35 minutes later) | |
| Swiss police are searching offices of the Geneva subsidiary of HSBC bank in an inquiry into alleged money-laundering. | Swiss police are searching offices of the Geneva subsidiary of HSBC bank in an inquiry into alleged money-laundering. |
| Prosecutors said they are investigating HSBC Private Bank (Suisse) and "persons unknown for suspected aggravated money laundering". | |
| The investigation could be extended to people suspected of committing or participating in money laundering. | |
| It follows the recent published revelations about the private bank | |
| The bank's chief executive, Franco Morra, said last week it had shut down accounts from clients who "did not meet our high standards". | |
| Mr Morra added the revelations about "historical business practices" were a reminder that the old business model of Swiss private banking was no longer acceptable. | |
| The police raid comes more than a week after allegations first emerged that HSBC's Swiss private bank may have helped wealthy clients evade tax. | |
| HSBC published a full-page advert in several weekend papers containing an apology over the claims. |