By Jonathan Davies

Argentina's central bank has ordered HSBC to instate a new chief executive within 24 hours after accusing the bank of assisting tax evasion.

In November, Argentina accused HSBC of helping more than 4,000 clients to evade taxes using its Swiss business.

The Argentinian central bank said the current chief executive, Gabriel Martino, "had not directed the necessary measures to mitigate and adequately address the prevention of money laundering and the financing of terrorist activities".

Earlier this year, Argentina ordered HSBC to return $3.5 billion (£2.3bn) from offshore bank accounts.

HSBC reiterated that it respects Argentina's laws and continues to operate within them.