Economy
Spanish Grupo Santander on July 3 made the transfer of its Venezuelan branch to the Venezuelan government official, as President Hugo Chávez's administration made a first down payment of USD 630 million out of the total USD 1.05 billion agreed for Banco de Venezuela.

"The negotiation between the parties has been superb. It is quite a big thing to purchase a bank with the magnitude and management quality that characterizes Banco de Venezuela," said Finance Minister Alí Rodríguez, during the transfer ceremony attended by Grupo Santander's CEO Emilio Botín.

The new chairman of Banco de Venezuela, Eugenio Vásquez Orellana, said they would keep service quality unchanged and improve any aspect that needs to be improved, under the premise of social value.