June 24, 2014 6:27 PM

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HSBC sells $ 12.5 bn worth Swiss assets to LGT Bank

In a multi-billion dollar deal that could have bearing on India's fight against black money, global giant HSBC on Tuesday sold its Swiss private banking assets worth12.5 billion dollars to Liechtenstein's LGT Bank.India is probing cases of alleged black money stashed by Indians abroad through these two banks — HSBC Geneva in Switzerland and LGT Bank.However, lists of Indian account holders in both places were received by India through indirect channels — HSBC list came from France and LGT list from Germany.Swiss authorities have been refusing to provide any assistance or share further information in these cases.Switzerland says that it cannot provide any help to Indian authorities as their requests are based on 'stolen data' as Germany and France got the secret lists of account holders after certain bank employees had stolen the data.The lists were later shared by Germany and France with India and other nations whose citizens figured on those lists. The announcement of HSBC-LGT deal comes at a time when there is a renewed debate on Indian government's attempts to trace alleged black money stashed by Indians abroad.

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