LONDON (Reuters) - HSBC boss Stuart Gulliver has apologized to lawmakers for past failings at its Swiss private bank that allegedly allowed clients to dodge taxes.
Responding to questions from a cross-party panel of UK politicians who oversee the financial industry, CEO Gulliver also denied his Swiss account was to dodge tax, saying he had paid all his UK taxes and opened the account so colleagues could not see his finances.
Europe's biggest bank has admitted failings in compliance and controls in its Swiss private bank after media reports said it helped wealthy customers conceal millions of dollars of assets in a period up to 2007.
"It was clearly unacceptable. We very much regret this," Gulliver told the Treasury Committee in regard to practices at HSBC's Swiss bank in the mid-2000s.
"I am responsible for clearing it up. I have made substantial changes," he said.
HSBC Holdings (LONDON:HSBA) PLC Stuart Gulliver reacts during the Asia-Global Dialogue forum in Hong Kong" alt="© Reuters. Group Chief Executive of HSBC Holdings PLC Stuart Gulliver reacts during the Asia-Global Dialogue forum in Hong Kong" rel="external-image">
Gulliver has come under fire after Britain's Guardian newspaper said he had sheltered millions of pounds in HSBC's Swiss private bank via a Panamanian company.