Banco Santander
Submitted by webmaster on Friday, 2 January 2009No Comment
MADRID — Spain’s Banco Santander, the euro zone’s largest bank by market capitalization, said it has a total exposure of 2.33 billion euros ($3.1 billion) in the alleged investment fraud by American investor Bernard Madoff.
A Santander fund called Optimal Strategic US Equity had commissioned Madoff to handle investments by some of its clients.
Santander said 2.01 billion euros of the exposure through Optimal Strategic US Equity were investments by institutional investors and international private banking customers.
