By Jonathan Davies

Belgian authorities have accused the private banking arm of HSBC of helping wealthy Belgians to avoid paying tax.

Prosecutors accused the division, based in Zurich, of helping hundreds of clients to move money into offshore tax havens. Authorities claim that hundreds of millions of euros have been lost in taxes.

In August, HSBC said fines relating to the allegations "could be significant".

Last week, HSBC was one of five banks to be fined a collective £2bn for rigging currency markets.

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