Spanish bank becomes Venezuelan owned

Germany News.Net
Saturday 4th July, 2009

The Spanish-owned Banco de Venezuela has been taken over by the Venezuelan government.

The government has paid a first instalment of US$630 million for the bank’s shares.

The rest of the agreed price of US$1.05 billion will be paid in October and December.

Venezuelan President Hugo Chavez has long said he wanted to nationalise the bank to add to the government’s financial portfolio.

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