A complaint has been filed against HSBC in Greece.

The definite submission will take place on 30 April after a shareholders’ association has organized and summarized the files of the (over) 20 victimised clients who lost more than €2 million.

The complaint will claim that HSBC:

· Has taken the initiative to aggressively sell subordinated SNS bonds to clients

· Misinformed their clients by stating that SNS was a safe investment while public information to the contrary was available (even two weeks before expropriation!) and hid the fact that the intervention act allowed the Dutch government to expropriate these bonds without compensation

· Sold risky bonds to clients who were according to their risk profile (if they at all had signed such paper) not appropriate clients for such products

· Forced non professional (retail) clients to trade on the professional OTC market where minimum volumes of €50.000 are traded instead of on the – for this type of clients  - more suitable Euronext markets (where the same bonds are traded at face values of €1.000)

· Allocated a substantial amount of the traditional savings accounts of these clients (if not all) to these high risk bonds while these people had an investment portfolio that on average did not exceed €100.000 - €150.000.