HSBC has taken out full-page adverts in several national newspapers offering "sincerest apologies" for the standards in place at its Swiss operations eight years ago.
In the open letter to its customers, shareholders and colleagues, the bank's group chief executive Stuart Gulliver described recent media coverage about past practices at the Swiss Private Bank as a "painful experience".
The advert states: "We would like to provide some reassurance and state some of the facts that lie behind the stories.
"The media focus has been on historical events that show the standards to which we operate today were not universally in place in our Swiss operations eight years ago.
"We must show we understand that the societies we serve expect more from us. We therefore offer our sincerest apologies."
The bank added that since 2008 it had established a "much tighter central control around who are our customers".
It said it had also implemented tougher standards around tax transparency.
Earlier this week Mr Gulliver sent a memo to the bank's staff saying the revelations were painful and frustrating.
The adverts come amid a political row over tax avoidance, with Labour leader Ed Miliband on Saturday vowing to carry out an inquiry into the UK's tax authority should his party win power in the next General Election.
Mr Miliband argued that people not paying their fair share of tax had left "a £34bn hole in the nation's finances" and threatened "the fabric of society".
Promising an "aggressive" review into Her Majesty's Revenue and Customs (HMRC) if his party wins in May, Mr Miliband pointed to suspicions of "sweetheart deals" with wealthy firms.
This week Mr Miliband seized on allegations about tax avoidance by HSBC clients to brand Prime Minister David Cameron a "dodgy Prime Minister, surrounded by dodgy donors".
After a week of clashes between Mr Miliband and Mr Cameron, the former Tory chancellor Ken Clarke said there needs to be agreement on a "more sensible and defensible" system for funding political parties.
Mr Clarke told The Observer newspaper that the Conservatives should break their reliance on wealthy donors and embrace the need for more state funding of politics.
"I think the Conservative Party will be strengthened if it is less dependent on having to raise money from wealthy individuals," he said.
"What happens is that the Conservatives attack the Labour Party for being ever more dependent on rather unrepresentative left-wing trade union leaders, and the Labour Party spends all its time attacking the Conservative Party for being dependent on rather unrepresentative wealthy businessmen.
"In a way both criticisms are true. And the media sends both up.
"The solution is for the party leaders to get together, to agree, put on their tin hats and move to a more sensible and ultimately more defensible system."
:: There will be more on the HSBC tax row on the Murnaghan programme from 10am which will include an interview with Business Secretary Vince Cable. Watch live on skynews.com and Sky News - channels Sky 501, Virgin Media 602, Freesat 202, Freeview 132.
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