French prosecutor raids offices of major banks in tax fraud probe

French prosecutors have raided the Paris offices of five major banks, including HSBC Holdings PLC, BNP Paribas SA and Societe Generale SA, as part of an ongoing fraud and money laundering investigation, City A.M. reported. The investigation is associated with claims that foreign shareholders in French-listed firms temporarily transferred shares they own to accounts in the country to escape tax payments on dividends.