Banco Santander CentralHispano S.A. (NYSE:STD)–Santander details Madoffexposure. Free researchreport.

On 15 December 2008, Banco
Santander Central Hispano S.A.
(Santander) announced that it
has significant exposure to
Bernard L. Madoff Investment
Securities LLC (Madoff), although
it did not confirm its potential
losses. However, we continue to
view the company as
fundamentally strong and an
attractive investment opportunity
at current levels. We expect to
revert to a 6-12 month
investment horizon to value the
company in our next full update
report, as we continue to
anticipate a significant negative
currency impact on the ADR
over the medium term.
Therefore, we maintain our
HOLD rating.
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