By Jonathan Davies

HSBC has become the latest bank to set aside hundreds of millions of pounds to cover the potential costs of an investigation into alleged rigging of currency markets.

The bank revealed that it set aside $378m (£237m) to cover costs as it reported a 2% rise in pre-tax profits for the third quarter.

HBSC said profits were up from $4.5bn a year ago to $4.6bn.

"The third quarter was a period of continued progress," said HSBC chief executive Stuart Gulliver.

HSBC is one of several banks being investigated over the alleged rigging. Last week, RBS said it had set aside £400m and Barclays set aside £500m.

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