HSBC sets aside $1.3bn for fines as profits rise
The provision was revealed as the group posted a better-than-expected 10 per cent jump in first-half profits to $13.6bn, helped by a strong performance in Asia, its largest market, and sold its Brazilian business for $5.2bn.
In November, the UK’s Financial Conduct Authority fined the bank £216.4m and slapped substantial penalties on four others after finding traders had attempted to manipulate forex rates. HSBC said yesterday that regulators and law enforcement agencies, including those in Brazil, the European Union, South Korea and the US, are continuing to investigate rigging in the market.
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