The Swiss private banking subsidiary of the British banking giant HSBC wants to solve legal cases with the US and the bank is not for sale says Franco Morra in an interview with Finanz und Wirtschaft. HSBC sees further growth in the Swiss market and intend to established itself as an important player F. Morra says to the NZZ.
HSBC Switzerland is a Category 1 banks, i.e. institutions that were already under investigation by the US Department of Justice (DoJ) for having helped wealthy Americans at the time of the publication of the US Program on August 29, 2013. They are excluded from the Program. They generally enter into a Deferred Prosecution Agreement (DPA) and fines are defined on an individual basis.