More than $609 million in Bermuda-linked money was found in leaked documents about HSBC’s controversial Swiss private bank.

One Bermuda client alone had $234.9 million stashed in Switzerland — one among around 65 clients connected to Bermuda and 183 separate accounts, with 20 per cent of the holders having Bermuda status.

Data leaked by former bank employee and whistleblower Hervé Falciani covered business handled by HSBC Switzerland’s private bank up to 2007.

According to the leaked information, passed on to the US-based International Consortium of Investigative Journalists (ICIJ), the bulk of the Bermuda-linked business came from individuals, with the next largest group being offshore companies and a small percentage of the accounts were numbered.

But the figures showed that Bermuda-related money handled by the Swiss HSBC offshoot was dwarfed by similar jurisdictions, with the Bahamas accounting for $7 billion in cash connected to the bank.

The Cayman Islands had $4.3 billion of business with the Swiss HSBC bank, while the British Virgin Islands had $4 billion worth.

And the Crown Dependencies of Jersey and Guernsey had around $2 billion each deposited with HSBC in Switzerland.

The UK, however, logged a massive $21.7 billion in British-linked money with the Swiss private bank — second only to Swiss-linked customers, with $31.2 billion on deposit.

The ICIJ website said: “The Swiss leaks files expose significant systemic failures inside the one of the world’s largest banks, HSBC.

“The records also show how some clients, sometimes aided by bank officers, sought to avoid and evade taxes in their home countries.”

But the website stressed: “There are legitimate reasons to use Swiss bank accounts and many people declare them to their tax authorities when that is required.”

HSBC has a Bermuda private banking arm based in the Compass Point building in Hamilton’s Bermudiana Road.

HSBC Bermuda was asked what links — if any — the Island private bank had to the Swiss operation, but provided no answer.

A spokeswoman for HSBC Bermuda referred The Royal Gazette to a statement made by the Swiss HSBC private bank CEO Franco Morra.

It said: “HSBC’s Swiss private bank began a radical transformation in 2008 to prevent its services from being used to evade taxes or launder money.

“New senior management have comprehensively overhauled the business, including closing the accounts of clients who did not meet our high standards and ensuring we have strong compliance controls in place.

“We have no appetite for business with clients or potential clients who do not meet our financial crime compliance standards.

“These disclosures about historical business practices are a reminder that the old business model of Swiss private banking is no longer acceptable.”

HSBC private banking in Bermuda is open to clients with “in excess” of $2 million in investible income.

The firm’s website said that buys access to “the full range of HSBC private bank’s investment management and wealth protection capabilities”.

The website added: “It’s about finding creative solutions to complicated situations to help affluent individuals and their families manage and protect their wealth today and develop new sources of wealth for future generations.”