Natixis may face EUR 450 mn loss in Madoff scam

16th December 2008, Comments 0 comments

The French investment bank estimates its net maximum indirect exposure to be around EUR 350 million.

PARIS – French investment bank Natixis said on Monday it stands to lose up to EUR 450 million in the scandal surrounding New York investment manager Bernard Madoff.

"Natixis could indirectly be a victim of the fraud case for which Bernard Madoff, renowned New York financier, was arrested," the subsidiary of French banks Caisse d'Epargne and Banque Populaire said in a statement.

"Natixis has no direct exposure and estimates its net maximum indirect exposure at around EUR 450 million," it said.

Madoff, a 70-year-old Wall Street veteran who was arrested Thursday, is alleged to have confessed to defrauding investors of USD 50 billion (EUR 37.4 billion) in a giant pyramid scheme that collapsed in the global financial crisis.

French retail banking giant BNP Paribas has said it stands to lose up to EUR 350 million in the scandal, although Societe Generale bank valued its exposure at less than EUR 10 million.

[AFP / Expatica]

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