HSBC facing French criminal probe over 'SwissLeaks'

British banking giant HSBC said Thursday it is facing a French criminal probe over its Swiss private banking arm, weeks after "SwissLeaks" allegations it had helped clients hide billions from the taxman.

HSBC said in a statement that "it has been placed under formal criminal investigation by the French magistrates in connection with the conduct of HSBC's Swiss Private Bank in 2006 and 2007 for alleged tax-related offences".

The probe is in addition to one launched by French authorities last year into HSBC's Swiss Private Bank.

That unit was caught up in the so-called "SwissLeaks" affair: revelations that the HSBC unit allegedly helped over 120,000 clients to hide 180.6 billion euros ($193.6 billion) from tax authorities.

The revelations were made in February by international newspapers led by France's Le Monde after they studied stolen documents supplied by former HSBC IT employee Herve Falciani.

They came among growing evidence that pledges by banks to halt illicit or irresponsible activities that led up to the 2008 financial crisis have not been fulfilled.

French magistrates, who have had access to Falciani's data for years, had already launched a criminal probe against HSBC's Swiss Private Bank last November on suspicions it helped clients launder tax fraud proceeds and illegally approaching French clients.

In addition to that distinct case, French magistrates have now launched a probe against the parent company, HSBC Holdings Plc, for complicity in the actions of its Swiss unit.