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HSBC pressed to name new president of Argentine unit

Sep. 02, 2015 4:28 AM ETHSBC Holdings plc (HSBC) StockHSBCBy: Yoel Minkoff, SA News Editor2 Comments
  • Argentina's central bank has ordered HSBC's (NYSE:HSBC) local unit to name a new president and vice president within 24 hours, accusing the institution of failing to establish necessary controls to prevent tax evasion and money laundering.
  • Last November, Argentine authorities charged the bank with helping more than 4,000 clients dodge taxes via Switzerland. Although HSBC rejected the accusation, Argentina said it wanted HSBC to repatriate the $3.5B it allegedly moved offshore.
  • HSBC -0.4% premarket

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