The suspected banks risk fines and penalty interest of a total of one billion euros (corresponding to just over SEK 11 billion).
The raid is targeting the banks’ operations in central Paris and in the office district of La Défense, west of the French capital’s inner city. It is part of an investigation that must have been ongoing since December 2021.
150 investigators
Six German prosecutors are also participating in the investigation, and a total of 150 investigators have been deployed in the crackdown on the banks.
The major French bank Société Générale confirms that it is one of the banks under investigation. The stock retreated marginally on the Paris stock exchange after the announcement.
According to prosecutors, HSBC, BNP Paribas with subsidiary Exane and Natixis are also included as suspects in the investigation.
Hired bulvaners
The investigation revolves around transactions that appear to be aimed at avoiding taxation on dividends with the help of temporarily employed bullies as shareholders.
In Germany, a large number of banks – including Swedish SEB’s German subsidiary – have been identified as participants in similar schemes to help customers avoid tax.
SEB has previously distanced itself from the type of arrangement being investigated.
