BNP Paribas says may face 350 mln euro Madoff loss

PARIS Dec 14 (Reuters) - BNP Paribas (BNPP.PA: Cotización), France's biggest listed bank, said on Sunday it could face a potential 350 million euro ($464.3 million) loss from exposure to Bernard Madoff's investment activities.

"While BNP Paribas has no investment of its own in the hedge funds managed by Bernard Madoff Investment Services, it does have risk exposure to these funds through its trading business and collateralized lending to funds of hedge funds," BNP said in a statement.

"If, as a result of the alleged fraud, the value of the assets of these hedge funds is nil, BNP Paribas' loss could amount to around 350 million euros," it said. ($1=.7537 Euro) (Reporting by Sudip Kar-Gupta; Editing by Leslie Adler)