HSBC said Tuesday that its Swiss private-banking unit will pay €300m to resolve an investigation launched by French authorities into tax-related matters involving clients of its Swiss bank, The Wall Street Journal reports.

“HSBC is pleased to resolve this legacy investigation which relates to conduct that took place many years ago,” the bank said in a statement. “HSBC has publicly acknowledged historical control weaknesses at the Swiss Private Bank on a number of occasions and has taken firm steps to address them.”