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.

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.

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