HSBC Issues Apology Over Banking Standards

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HSBC has taken out adverts in national newspapers offering “sincerest apologies” over past activities at its Swiss operations.

In the open letter to its customers, shareholders and colleagues, HSBC’s group chief executive Stuart Gulliver described recent media coverage about practices at the Swiss Private Bank eight years ago as a “painful experience”.

However, the Business Secretary has said he wants greater assurances about tax transparency.

Vince Cable told Sky’s¬†Murnaghan programme that what emerged is “striking and unacceptable” – and he has called on former HSBC boss Lord Green to answer specific allegations about the business.

The full-page HSBC advert states: “We would like to provide some reassurance and state some of the facts that lie behind the stories.

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