PARIS, Nov. 14 (Xinhua) -- HSBC Private Bank, Swiss unit of British banking giant HSBC, has accepted to pay 300 million euros (352.83 million U.S. dollars) to avoid going to trial over tax fraud charges, French Financial prosecutor said on Tuesday.
The HSBC Private Bank "is committed to pay a total sum of 300 million euros which will abound the state's budget", the prosecutor said in a statement.
By signing Judicial Public Interest Agreement (CJIP), "the bank recognizes the existence of the facts against it and accepts their legal definition," it said.
The CJIP was the first such settlement signed in France which offers companies facing legal proceedings over corruption or money laundering the option to put an end to criminal proceedings.
In 2014, French financial prosecutor launched a probe over HSBC Private Bank on charges of "illegal banking and financial solicitation" and "aggravated money laundering".
