HSBC paid $4.2 billion for fines and mis-selling in 2012
March 5 , 2013
HSBC paid out $4.2 billion last year to cover the cost of money laundering and for mis-selling financial products in the UK.
Along with the $1.9 billion in fines for money laundering, the bank also set aside an additional $2.3 billion for the mis-selling financial products.
HSBC was fined by U.S. and UK regulators for violating sanctions against doing business in Syria and Iran and with Mexican drug cartels.
The figures were released on Monday and HSBC report saw an 18 percent rise in underlying profitability and revenue in 2012, as well as an overall profit before tax of $20.6 billion.
While admitting the British bank’s past failings, chief executive Stuart Gulliver said the bank's performance had been strong enough to see a 10 percent increase in its dividend.
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