France's financial prosecutor's office said French investigators raided five banks on Tuesday as part of an investigation into massive tax fraud.
The office said in a statement that about 150 investigators from the French Finance Ministry, 16 French judges and six German prosecutors conducted searches in and around Paris, in a case suspected of depriving the authorities of more than 100 billion euros ($108 billion) in tax revenues.
According to Le Monde newspaper French rival BNP Paribas and its unit Exane, financial group Natixis and British banking giant HSBC are the other ones.
BNP, HSBC, and Natixis representatives didn’t immediately respond to requests for comment. A spokesman for SocGen confirmed that the bank is part of the probe