LONDON/NEW DELHI With a global leak revealing tax evasion through offshore accounts in its Swiss branch, UK-based global banking giant HSBC on Monday admitted there have been lapses in the past on its part. “We acknowledge that the compliance culture and standards of due diligence in HSBC s Swiss private bank, as well as the industry in general, were significantly lower than they are today,” HSBC said. “The bank […]

Foreign institutional investors warmed up to Asian equities in November as the region recorded net inflows of USD 5.3 billion, out of which India attracted USD 1.4 billion, says a report by HSBC. According to the global financial services major, after two consecutive months of sell-offs, FIIs have warmed up to Asian equities and all markets have received positive flows in November. Among Asian economies, China regained the top position […]

Bank faces allegations of ‘Islamophobia’ over decision to shut down accounts of some Muslim groups. Bank accounts belonging to Finsbury Park Mosque and other Muslim groups are being closed down by a major bank amid concerns about money laundering for crime and terrorism, it has emerged. HSBC notified a number of Islamic groups within the last few days that their accounts would be terminated, leading to accusations of “Islamophobia”. But […]