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BNP PARIBAS

BNP - [ISIN FR0000131104]

Cours : 56,240 €   Variation : -1,23%
Marché : Euronext Paris (temps différé)
BNP Paribas Says EUR350 Million Risk Exposure To Madoff Funds
PARIS -(Dow Jones)- BNP Paribas SA (13110.FR), France's largest bank by market value, Sunday said it could lose up to EUR350 million as a result of the alleged massive Madoff fraud.
Bernard Madoff was arrested Thursday for allegedly being responsible for a $50 billion swindle that could affect hedge funds, wealthy private investors and major banks.
BNP said it has no investment of its own in the hedge funds managed by Bernard L. Madoff Investment Services, but that "it does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds."
The loss, if the value of the assets of these hedge funds is reduced to nothing, could amount to EUR350 million for the French bank, it said.
Company Web site: www.bnpparibas.com
-By Nicolas Parasie; +33 140171770; nicolas.parasie@dowjones.com
Click here to go to Dow Jones NewsPlus, a web front page of today's most important business and market news, analysis and commentary: http://www.djnewsplus.com/access/al?rnd=yM6Kqy729UXoSd7vO3GJww%3D%3D. You can use this link on the day this article is published and the following day.

Publié le 14 Décembre 2008 Copyright © 2008 Dowjones


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