HSBC Private Bank Suisse indicted in Salameh affair, according to Le Monde

BEIRUT — The Swiss subsidiary of HSBC has been indicted in France as part of the investigation into ill-gotten gains targeting the former governor of Banque du Liban (BDL), Riad Salameh, Le Monde reported Thursday.

The bank is suspected of having helped launder funds stemming from the alleged embezzlement of more than $300 million from the BDL.

According to the French daily, HSBC Private Bank Suisse is being prosecuted for “organized money laundering” and “criminal association.” It also had to pay 80 million euros in bail, notably in anticipation of possible damages and interest.

The investigation concerns an alleged system of commissions related to financial operations between Lebanese commercial banks and the Banque du Liban. These funds are believed to have passed through Forry Associates, an offshore company linked to Raja Salameh, the former governor’s brother, before being recycled in complex schemes and real estate acquisitions in Europe.

Several former employees or bankers connected to HSBC are also implicated in parallel proceedings in Switzerland and Luxembourg, according to Le Monde. In Luxembourg, a former client manager for Riad Salamé at HSBC Luxembourg reportedly received $430,000 from the ex-governor between 2013 and 2019.

In Switzerland, HSBC Private Bank Suisse is also facing a criminal procedure for “lack of organization,” while a banker who managed the relationship with Raja Salamé and Forry is being prosecuted for “aggravated money laundering.”

BDL, now a civil party in the case, was heard twice at the beginning of 2026. Its governor, Karim Souaid, called Forry a “parasite created at the expense of the central bank” and promised the institution’s cooperation with the French judiciary.

Salameh, who denies the accusations against him, has been the subject of an international French arrest warrant since 2023. For the civil parties, the indictment of HSBC marks a significant step in the attempt to recover part of the funds allegedly embezzled from the BDL and Lebanese depositors.