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HSBC chief's Panama account puzzles lawyers

Tuesday, February 24, 2015

The decision by Stuart Gulliver, the chief executive officer of HSBC Holdings, to park money in Switzerland through a Panamanian company puzzled lawyers who didn’t see a clear tax benefit from the move.

Gulliver said he set up the account with HSBC’s Swiss unit. The biggest U.K. lender has been criticized after its Swiss unit is alleged to have handled accounts for tax evaders and criminals.

Source: Bloomberg