Venezuela assumes control of Spanish-owned bank | world | Hindustan Times
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Venezuela assumes control of Spanish-owned bank

world Updated: Jul 04, 2009 11:21 IST

President Hugo Chavez's government has taken control of the nation's third largest bank, Banco de Venezuela. The government agreed in May to pay Spain's Grupo Santander more than $1 billion for the nationalization announced last year. The deal was sealed Friday with an initial payment of $630 million.

The transaction makes the state by far the largest player in Venezuela's banking system.