EL UNIVERSAL
CARACAS, Thursday July 02, 2009 | Update
Govn't to buy 60 percent of Banco de Venezuela
In this way, the government of President Hugo Chávez, who announced the nationalization of the bank 11 months ago, will own 96 percent of the shares of Banco de Venezuela.
The government will become the most powerful single actor in the Venezuelan financial system, with 25 percent of the sector (File Photo)
Economy
The Venezuelan government will pay Spanish group Santander USD 630 million out of a total of USD 1.05 billion agreed upon in May for Banco de Venezuela. This will be the first down payment made by the government for nationalizations in 2009.
According to the schedule disclosed by the government, in addition to the fund transfer, which represents 60 percent of the total sale price, the bill of sale will be signed on Friday as well, reported AFP.
The remaining USD 420 million will be paid in October and December 2009.
In this way, the government of President Hugo Chávez, who announced the nationalization of the bank 11 months ago, will own 96 percent of the shares of Banco de Venezuela.
Additionally, the government will become the most powerful single actor in the Venezuelan financial system, with 25 percent of the bank sector.
On the Cover
Business chamber rejects gov't steps against private property
03:11 PM. Economy. The Venezuelan Federation of Trade and Industry Chambers (Fedecámaras) described as an illegal act the seizure of several ranches by officials of the National Land Institute (INTI) and National Guard troops.
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