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HSBC chief's Swiss bank accounts had 'no tax purpose' HSBC bosses apologise for 'unacceptable' practices
(35 minutes later)
The HSBC group chief executive has told UK Members of Parliament that holding a Swiss bank account through a Panamanian company had "no tax purpose". Two HSBC bosses have apologised for "unacceptable" practices at its Swiss private bank which helped clients to avoid tax.
Stuart Gulliver says the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong. Stuart Gulliver, group chief executive, said it had caused "damage to trust and confidence" in the company.
He told MPs on the Treasury Committee: "There was no tax purpose to it." He and chairman Douglas Flint were answering questions from UK Members of Parliament.
The chief executive and the chairman Douglas Flint were answering questions over a tax scandal at HSBC. Mr Flint said he felt shame and would "take his share of responsibility" for Swiss private bank failings.
Mr Flint said he felt shame and would "take his share of responsibility" for Swiss private bank failings When asked about the list of allegations and investigations into HSBC by international regulatory authorities Mr Flint said: "it's a terrible list."
Earlier this month it emerged that the Swiss unit of HSBC helped wealthy clients evade hundreds of millions of pounds' worth of tax. Despite reforms, he said he could not exclude the possibility of further problems emerging,
He said the task of reforming HSBC will "always be ongoing".
No tax purposes
Mr Gulliver also told MPs on the Treasury Committee that his personal holding of a Swiss bank account through a Panamanian company had "no tax purpose".
He said the arrangement only reflected a desire for privacy from his colleagues at HSBC in Hong Kong.
Mr Gulliver told the committee he had "followed the letter of the law" of the UK non-domicile rules,
He said: "The important point is I've paid UK tax on my HSBC earnings during that entire period [since being based in the UK], so the amount of tax I have paid is the fair and appropriate amount."