December 15, 2008 / 1:38 PM / 10 years ago

HSBC says Madoff potential exposure $1 billion

LONDON (Reuters) - HSBC Holdings says it is of the view that its potential exposure under the Madoff Investment Securities financing transactions is in the region of $1 billion (664 million pounds).

Highlights:

* HSBC confirms that it has provided financing to a small number of institutional clients who invested in funds with Madoff.

* HSBC says 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.

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