French prosecutor formally requests HSBC trial

Bringing the Swiss banking arm of HSBC one step closer to a possible trial in France, the financial state prosecutor on Friday requested that the bank be sent to criminal trial for helping wealthy clients, including Indians, evade tax, a media report said on Friday.

"This is a normal step in the judicial procedure and the outcome of the matter is not determined as of today," The Guardian daily quoted HSBC as saying in a statement.

The bank has one month to respond after which French magistrates will take the final decision on whether to hold a trial, it added.

HSBC has reportedly refused a plea deal that would have avoided a trial.

Europe's largest lender is being probed by tax administration, regulatory and law enforcement authorities around the world, including India.

HSBC's involvement in the suspected tax-evading scheme first came to light in 2008, when a former computer technician, Herve Falciani, blew the lid on the bank's alleged practices after stealing confidential data which he then turned over to the French government. India too received information on over 600 clients which is being looked into by a special investigating team monitored by the Supreme Court.