Hsbc 'Faces Fundraiser' After Madoff Scam Losses'

Summary

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HSBC's massive exposure to the alleged Ponzi scheme run by Bernard Madoff will add to the pressure on the bank to seek a major fundraising, analysts said today.

The banking giant has admitted it was exposed to Madoff to the tune of $1 billion ([pounds]667 million), making it one of the worst- hit of the big European banks. CLSA Asia-Pacific Markets said in a note to clients today that the bank may seek to raise $14 billion as the scandal added to the problems it faces of rising loan defaults in the US and the UK.

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Hsbc 'Faces Fundraiser' After Madoff Scam Losses'

So far, HSBC has avoided the funding cri...

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