HSBC not the troublemaker made out to be, rival Swiss banker says

HSBC (HSBA.L), in the spotlight after details emerged about how its Swiss unit allegedly helped clients dodge taxes, isn't the troublemaker it is currently depicted as, the head of a rival private bank was quoted saying on Saturday. "HSBC has been described as the troublemaker in class, and it is not," Carlos Esteve, founder and CEO of Geneva-based Heritage, said in an interview with Swiss daily Le Temps. "HSBC was among the first to take steps to regularize its clients. The comments are noteworthy because the unspoken rule among Swiss private bankers is to avoid directly commenting on rivals, a rare exception being three years ago when UBS (UBSG.VX) head Sergio Ermotti suggested Zurich's main banking thoroughfare, Bahnhofstrasse, was full of banks which took untaxed money, as did UBS.

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