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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  HSBC Holdings Plc    HSBA   GB0005405286

HSBC HOLDINGS PLC

(HSBA)
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Delayed Quote. Delayed London Stock Exchange - 09/19 11:37:08 am
615.6 GBp   +0.89%
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HSBC : Accused of Helping Argentines Avoid Tax -- Update

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11/28/2014 | 04:12pm EDT
By Taos Turner 

BUENOS AIRES--Argentina accused three HSBC units of helping more than 4,000 Argentine citizens avoid paying taxes on money they allegedly hid in secret Swiss bank accounts.

Argentina's tax agency, AFIP, said on Thursday it had filed a criminal complaint against HSBC Bank Argentina SA, HSBC Private Bank Suisse and HSBC Bank USA for their roles in the alleged scheme. An AFIP official later said the government estimates that Argentines used HSBC accounts in Switzerland to avoid paying taxes on assets totaling roughly $3 billion.

In the complaint, Argentina said the HSBC units and managers had "set up an illegal platform for the sole purpose of helping Argentine taxpayers evade their taxes." As of 2013, only 125 Argentines had declared having accounts at HSBC's Swiss unit, AFIP said.

HSBC Holdings PLC categorically denied the accusations.

"HSBC emphatically denies its participation in any illegal association in Argentina," the company said on Friday. "HSBC has rigorous risk and compliance standards in place to detect and deter unlawful activity. We strictly enforce these high standards in cooperation with governments around the world."

The tax agency said it obtained information about the accounts from the French government. Earlier this month, French prosecutors said they were investigating the Swiss unit of HSBC Holdings PLC for allegedly laundering the proceeds of tax fraud. At the time, the bank said it would cooperate with that investigation "to the fullest extent possible."

Argentina's accusation is the latest international probe into the alleged aiding of offshore-tax evasion by Swiss banks.

Earlier this month, a Belgian judge alleged that HSBC's Swiss bank helped Belgians evade taxes by harboring funds in secret accounts beginning in 2003. HSBC said in written comments that it is cooperating with that investigation. "Both the Belgian and French investigations have been notified in our filings previously and we will continue to cooperate to the fullest extent possible."

Write to Taos Turner at taos.turner@wsj.com

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Stocks mentioned in the article
ChangeLast1st jan.
EURO / ARGENTINE PESO (EUR/ARS) 0.11% 62.357 Delayed Quote.43.94%
HSBC HOLDINGS PLC 1.05% 615.6 Delayed Quote.-4.78%
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Financials (USD)
Sales 2019 55 673 M
EBIT 2019 22 612 M
Net income 2019 14 608 M
Debt 2019 -
Yield 2019 6,61%
P/E ratio 2019 10,8x
P/E ratio 2020 10,7x
Capi. / Sales2019 2,79x
Capi. / Sales2020 2,72x
Capitalization 155 B
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Technical analysis trends HSBC HOLDINGS PLC
Short TermMid-TermLong Term
TrendsNeutralBearishBearish
Income Statement Evolution
Consensus
Sell
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Mean consensus HOLD
Number of Analysts 25
Average target price 8,14  $
Last Close Price 7,71  $
Spread / Highest target 42,3%
Spread / Average Target 5,46%
Spread / Lowest Target -16,8%
EPS Revisions
Managers
NameTitle
John M. Flint Group Chief Executive Officer & Executive Director
Mark Edward Tucker Non-Executive Group Chairman
Andrew Mitchell Maguire Group Chief Operating Officer
Ewen James Stevenson Executive Director & Group Finance Director
Darryl West Chief Information Officer
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