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French Prosecutors Probe 5 Banks Incl. HSBC, SocGen, BNP Paribas Over Alleged Div. Stripping
French prosecution authorities searched the offices of five banks, namely Societe Generale, BNP Paribas, HSBC HOLDINGS (00005.HK), Groupe BPCE's investment bank Natixis and Exane under BNP Paribas, on the suspicion that said banks may have helped clients evade dividend tax payments, Reuters reported.
The PNF financial prosecution office said that, while the exact amount involved in the alleged fraud cannot be determined, relevant banks could face a combined fine and interest punishment of more than USD1 billion.
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