CORRECTED-UPDATE 1-France sets 1 bln eur bail as it probes HSBC over Swiss tax scandal

April 9, 2015 2:05 PM

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LONDON/PARIS, April 9 (Reuters) - French magistrates have ordered HSBC Holdings Plc to post a 1 billion euro ($1.1 billion) bail to cover a potential fine after the bank was put under formal criminal investigation over allegations it helped customers dodge tax.

It is the latest problem to hit HSBC over a tax evasion scandal at its Swiss private bank. HSBC said it intends to appeal the French magistrates' decision, which it said was "without legal basis and the bail is unwarranted and excessive".

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