London-based banking giant HSBC published a giant âSORRYâ in several UK Sunday newspapers, offering its âsincerest apologiesâ for helping clients dodge tax at its Swiss private bank.
In an open âMea Culpa, Europeâs biggest financial institution admitted not complying with regulations in its Swiss unit after newspapers reported that it had helped more than one hundred millionaires hide millions of dollarsâ worth of assets before the financial crisis (up to 2007).
On February 25th, HSBCâs Chairman Douglas Flint and Chief Executive Stuart Gulliver will have to give evidence before the parliamentary Treasury Committee.
HSBC’s open apology appeared in most British Sunday newspapers.
Mr. Gulliver said on Sundayâs public apology that the reports regarding the bank’s past activities in Switzerland had been a âpainful experienceâ for its staff, shareholders and customers.
Mr. Gulliver wrote:
âWe must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies.â
Mr. Gulliver insists that since 2007 HSBCÂ has established much more stringent controls on who it accepts as customers. He added that nearly most of the 140 individuals named in reports as customers of its private Swiss bank had left.
Mr. Gulliver added:
âWe have absolutely no appetite to do business with clients who are evading their taxes or who fail to meet our financial crime compliance standards.â