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Aziza Laguecir, Professeur, EDHEC Business School

Tax optimisation: when the banking sector challenges the spirit of fiscal law

BNP Paribas CumEx HSBC Natixis Société Générale France Paris
According to an investigation by a consortium of journalists, certain tax practices in banks have led to a loss of revenue of 150 billion euros over 15 years in Europe. Ken Teegardin/Flickr, CC BY

On March the 28, 2023, in Paris, the offices of five major banks – BNP Paribas, Société Générale, Natixis, HSBC and Exane (a subsidiary of BNP Paribas)- - were raided as part of preliminary investigations opened in 2021 for suspected tax fraud and tax laundering. These investigations, ordered by the National Financial Prosecutor’s Office (Parquet National Financier), target dividend arbitrage practices widely used by banks: “CumCum” and “CumEx”.

Dividend arbitrage: what is it?

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