Banks 'could lose billions' from Madoff fraud

European banks have revealed potential losses of millions of euros resulting from exposure to the alleged fraud at Madoff Investment Securities in the US.

Banco Bilbao Vizcaya Argentina (BBVA), the second-largest bank in Spain, says it may lose EUR300 million from the hedging of structured products linked to Madoff's funds. In a statement to Spain's stock market regulator, BBVA said it acted on behalf of other financial entities and institutional investors to set up products linked to third

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact [email protected] or view our subscription options here:

You are currently unable to copy this content. Please contact [email protected] to find out more.

To continue reading...

You need to sign in to use this feature. If you don’t have a account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: