BNP Paribas Says EUR350 Million Risk Exposure To Madoff Funds

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Dimanche 08 nov 2009 | 11:46:54

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BNP PARIBAS

BNP - [ISIN FR0000131104]

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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
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