LONDON, Feb 25 (Reuters) - HSBC boss Stuart Gulliver hasapologised to lawmakers for past failings at its Swiss privatebank that allegedly allowed clients to dodge taxes.
Responding to questions from a cross-party panel of UKpoliticians who oversee the financial industry, CEO Gulliveralso denied his Swiss account was to dodge tax, saying he hadpaid all his UK taxes and opened the account so colleagues couldnot see his finances.
Europe's biggest bank has admitted failings in complianceand controls in its Swiss private bank after media reports saidit helped wealthy customers conceal millions of dollars ofassets in a period up to 2007.
"It was clearly unacceptable. We very much regret this,"Gulliver told the Treasury Committee in regard to practices atHSBC's Swiss bank in the mid-2000s.
"I am responsible for clearing it up. I have madesubstantial changes," he said.
Gulliver has come under fire after Britain's Guardiannewspaper said he had sheltered millions of pounds in HSBC'sSwiss private bank via a Panamanian company. (Reporting by Steve Slater and Huw Jones, editing by SineadCruise)