HSBC Private Bank (Suisse) continued to offer services to clients, even after they had been named by the United Nations for arms trafficking, for bribery, and for dealing in blood diamonds.

HSBC’s Swiss clients included former Egyptian president Hosni Mubarak, former Tunisian president Ben Ali and current Syrian ruler Bashar al-Assad, and politicians in Britain, Russia, Ukraine, Georgia, Kenya, Romania, India, Liechtenstein, Mexico, Lebanon, Tunisia, the Democratic Republic of the Congo, Zimbabwe, Rwanda, Paraguay, Djibouti, Senegal, Philippines and Algeria.

The bank advised clients on how to avoid paying taxes in their home countries, such as holding accounts in the name of offshore companies to avoid the European Savings Directive, (a 2005 Europe-wide rule aimed at tackling tax evasion through the exchange of bank information). They undertook not disclose details of the Swiss accounts to any national authorities.

Only quite recently HSBC was implicated in a case where they had been laundering Mexican drug money, and they claimed that the Mexican branch “hadn’t been fully integrated into the bank”. Now they are at again with the same excuse about Switzerland. Meanwhile their former boss, now a lord, accepted a position the House of Lords as a British government minister! Of course, he knew nothing about the scandal, did he? The standard of top management has always been quite dreadful.

HSBC’s real name is Hong Kong and Shanghai Banking Corporation, established by Brits. Make of it what you will! My own interest in it, and reason for disgust, is that it took over the Midland Bank (my bank) years ago, so my family has effectively banked with it since the 1850’s. Om my HSBC accounts every penny of tax has been paid, by the way. Question: should I close the accounts in protest, or wait till the people concerned are in well-earned jail? (don’t laugh). If I do so can anyone suggest a bank with clean hands, and I will consider moving there? Don’t crash the site with too many suggestions!