Economy
Valores Santander Casa de Bolsa, a Santander Group's unit, is conducting a special session in Venezuela's main stock market to execute the bill of sale of Banco de Venezuela to the government of Venezuela, reported Víctor Flores Rojas, president of the Caracas Stock Exchange.

In an interview with the state-run news agency Agencia Bolivariana de Noticias (ABN), Flores said that, during the session, the Spanish bank will transfer 98.4176 percent of the bank's share capital.

A total of 3,589,426,242 shares will be transferred at a price of USD 0.292, based on the agreed amount for the purchase of the bank (USD 1.05 billion).

The Venezuelan government will pay on Friday USD 630 million out of a total of USD 1.05 billion to Grupo Santander to take control of the bank, according the terms established in the letter of intent agreed in May 2009 with the Venezuelan government.