Shares in HSBC, the UK's biggest bank, rose by almost 2% after the US Department of Justice said it would file papers to dismiss a deferred prosecution agreement (DPA) that had been suspended for five years. HSBC has avoided the threat of prosecution in the US over allegations that its lax controls allowed Mexican drug traffickers to launder cash through the bank. The DPA was imposed following allegations that HSBC's lax controls had allowed money laundering to take place. In an interview with Bloomberg News, HSBC chief executive Stuart Gulliver said: "We are pleased and relieved this matter has now concluded."
Shares in HSBC, the UK's biggest bank, rose by almost 2% after the US Department of Justice said it would file papers to dismiss a deferred prosecution agreement (DPA) that had been suspended for five years. The DPA was imposed following allegations that HSBC's lax controls had allowed money laundering to take place. In an interview with Bloomberg News, HSBC chief executive Stuart Gulliver said: "We are pleased and relieved this matter has now concluded."