Stuart Gulliver, HSBC's chief executive, has denied any suggestion of wrongdoing amid revelations he had cash in the bank's private Swiss offshoot.
The Guardian claimed Mr Gulliver - who announced the bank's full-year results this morning - kept $7.6m (£4.93m) via an account held by a Panamanian company.
Leaked files reportedly showed that in 2007 he was the beneficial owner of an account held by Worcester Equities Inc though Mr Gulliver has insisted no tax was dodged in any jurisdiction.
He explained it was set up in the name of the Panama-based company to prevent HSBC staff in Hong Kong and Switzerland from knowing how much he was paid in the 1990s.
The account has since been closed as his pay is now disclosed to shareholders.
The disclosure was made amid the ongoing scandal over claims HSBC's Swiss private banking arm helped wealthy clients evade and avoid tax, and provided services to criminals including arms dealers.
Derby-born Mr Gulliver spoke to journalists today of the "shame" felt by staff, having apologised for the behaviour of the Swiss division in national newspaper advertisements last week.
He insisted the private bank had been "completely overhauled" since 2007, when whistleblower Herve Falciani opened the door to the scandal, stealing company data and passing it to French authorities.
Swiss prosecutors have launched a criminal investigation into allegations of money laundering after raiding the bank's offices in Geneva.
The 55-year-old - who raked in a £7.3m reward package last year - is legally domiciled in Hong Kong after working there for many years, despite now working in the UK.
Representatives for the banking boss told the Guardian he had paid his bonus payments into HSBC Suisse until 2003.
They said Hong Kong tax had been paid and that Mr Gulliver had also told the UK taxman about the account a "number of years" ago.
HSBC added: "Full UK tax has been paid on the entirety of his worldwide earnings less a credit for tax paid additionally in Hong Kong.
"The Swiss account was set up in 1998 in the name of a Panamanian company for reasons of confidentiality and this had no other purpose and provided no tax or other advantage.
MPs are set to grill HMRC tax officials on Wednesday over accusations they failed to act properly on the leaked files and potential evidence of tax evasion by more than 3,000 Britons.
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