E-Paper
Venezuela assumes control of Spanish-owned bank
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.
Updated on: Jul 4, 2009, 11:21:03 IST
Share via
Copy link
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.
Get the latest headlines from US news and global updates from Pakistan, Nepal, UK, Bangladesh, Russia and US Iran war Live, get all the latest headlines in one place on Hindustan Times.
