Scribd Logo
Upload

Welcome to Scribd!

  • 20 views

    LTN20081215448

    Uploaded by

    overtcap
    HSBC has exposure to potential losses from its financing of institutional clients that invested in funds with Madoff Investment Securities LLC, which is under criminal investigation. HSBC estimates its potential exposure from these financing transactions is approximately $1 billion based on currently available information. HSBC also has custody clients that invested with Madoff, but does not believe this will be a source of exposure for the company.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd

    LTN20081215448

    Uploaded by

    overtcap
    20 views1 page
    HSBC has exposure to potential losses from its financing of institutional clients that invested in funds with Madoff Investment Securities LLC, which is under criminal investigation. HSBC estimates its potential exposure from these financing transactions is approximately $1 billion based on currently available information. HSBC also has custody clients that invested with Madoff, but does not believe this will be a source of exposure for the company.

    Copyright

    © Attribution Non-Commercial (BY-NC)

    Available Formats

    PDF, TXT or read online from Scribd

    Did you find this document useful?

    Is this content inappropriate?

    HSBC has exposure to potential losses from its financing of institutional clients that invested in funds with Madoff Investment Securities LLC, which is under criminal investigation. HSBC estimates its potential exposure from these financing transactions is approximately $1 billion based on currently available information. HSBC also has custody clients that invested with Madoff, but does not believe this will be a source of exposure for the company.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    20 views1 page

    LTN20081215448

    Uploaded by

    overtcap
    HSBC has exposure to potential losses from its financing of institutional clients that invested in funds with Madoff Investment Securities LLC, which is under criminal investigation. HSBC estimates its potential exposure from these financing transactions is approximately $1 billion based on currently available information. HSBC also has custody clients that invested with Madoff, but does not believe this will be a source of exposure for the company.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 1

    HSBC HOLDINGS PLC

    The following is the text of an announcement released to the other stock exchanges on
    which HSBC Holdings plc is listed.

    15 December 2008

    MADOFF INVESTMENT SECURITIES LLC

    HSBC notes various articles appearing in the press today regarding the Group's
    exposure to the alleged fraud at Madoff Investment Securities LLC (“Madoff”), which
    is under criminal investigation in the USA.

    In the interests of clarity, HSBC confirms that it has provided financing to a small
    number of institutional clients who invested in funds with Madoff. On the basis of
    information presently available, HSBC is of the view that the potential exposure
    under these financing transactions is in the region of US$1 billion.

    Also, in the context of its normal global custody business, HSBC has custody clients
    who have invested with Madoff. HSBC does not believe that these custodial
    arrangements should be a source of exposure to the Group.

    ends/more

    Media enquiries to: Patrick McGuinness on +44 (0) 20 7991 0111 or at


    [email protected]

    The HSBC Group


    HSBC Holdings plc, the parent company of the HSBC Group, is headquartered in London. The Group
    serves customers worldwide from more than 9,500 offices in 85 countries and territories in Europe, the
    Asia-Pacific region, the Americas, the Middle East and Africa. With assets of US$2,547 billion at 30
    June 2008, HSBC is one of the world’s largest banking and financial services organisations. HSBC is
    marketed worldwide as ‘the world’s local bank’.

    ends/all

    The Board of Directors of HSBC Holdings plc as at the date of this announcement are: S K Green, M F
    Geoghegan, S A Catz†, V H C Cheng, J D Coombe†, J L Durán†, R A Fairhead†, D J Flint, A A
    Flockhart, W K L Fung*, S T Gulliver, J W J Hughes-Hallett†, W S H Laidlaw†, J R Lomax†, Sir Mark
    Moody-Stuart†, G Morgan†, N R N Murthy†, S M Robertson†, J L Thornton† and Sir Brian Williamson†.

    † Independent non-executive Director


    * Non-executive Director

    Hong Kong Stock Code: 5

    You might also like