HSBC and Credit Suisse have been pulled into a US investigation into whether banks helped customers illegally avoid paying tax, according to a report
12:02AM GMT 03 Dec 2008-- HSBC and Credit Suisse have been pulled into the US investigation into whether banks helped customers illegally avoid paying tax, according to a report. The Department of Justice has expanded its probe into UBS to include the two other European banks, The New York Times reported yesterday.
Such a move could signify a significant ratcheting up of the investigation into offshore accounts, where investigators believe individuals may have hidden billions of dollars.
Both HSBC and Credit Suisse said they knew nothing about becoming part of the investigation. A spokesman for HSBC said: "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."
Read More: Telegraph UK