Economy
Financial sources say that an investor group led by José Zambrano, the current chairman of Banorte, is negotiating the purchase of Banco Federal.

Negotiations have advanced and an agreement on price has been reached. If the deal is completed, the Superintendent of Banks will have to approve it.

Banco Federal, which is currently headed by banker Nelson Mezerhane, controls 3.09 percent of total deposits of Venezuela's financial system and 2.47 percent of credits, according to data from research firm Softline Consultores.

Banorte is a smaller financial institution and, at the end of September, had 0.38 percent of total deposits and 0.99 percent of credits.