GENEVA, Dec 15 (Reuters) - Hyposwiss Private Bank said on Monday it had a total of $50 million invested in the hedge fund business of Bernard Madoff, a business described by Madoff himself as “a giant Ponzi scheme”.
The Madoff exposure, which represents around 0.14 percent of the bank’s 40 billion Swiss francs ($34.19 billion) in assets under management, passed onto the Hyposwiss balance sheet earlier this year when Hyposwiss parent Groupe Cantonale de Saint-Gall bought Anglo-Irish Bank (Suisse) ANGL.L.
Madoff, a former Nasdaq chairman, was arrested last week for allegedly orchestrating a $50 billion financial fraud.
Hyposwiss clients have further Madoff exposure totalling $100 million, the bank said. (Reporting by Martin de Sa’Pinto, editing by Will Waterman)