Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Gigantic snails are a delicacy in Ivory Coast

Read more

MEDIAWATCH

Hollande and Valls tell Trump, 'France is still France!'

Read more

THE DEBATE

It's all about Trump: how effective will the Democratic Party campaign be?

Read more

FOCUS

Indian women on frontline of battle against alcohol

Read more

FRENCH CONNECTIONS

35 hours: Are French workers lazy?

Read more

INSIDE THE AMERICAS

Race to the White House: Hillary Clinton's popularity problem

Read more

THE INTERVIEW

HRW chief Kenneth Roth: 'Putin cares about European public opinion'

Read more

BUSINESS DAILY

Facebook profits soar 186% as user numbers surge

Read more

IN THE PAPERS

Turkey: 'Once upon a time, there was a democracy'

Read more

Chavez to nationalize subsidiary of Spanish bank

Latest update : 2008-08-01

Venezuelan President Hugo Chavez announced the nationalization of Banco de Venezuela, a subsidiary of Spain's Santander bank. The company is one of the country's largest financial institutions.

CARACAS - Venezuela's President Hugo Chavez said on Thursday he will nationalize the local unit of Spain's Grupo Santander bank, expanding his drive for state control of key sectors of the OPEC-nation's economy.

 

Grupo Santander owns Banco de Venezuela, one of the largest banks in the nation's financial system with $700 million invested in Venezuela operations.

 

Chavez, who threatened to take over banks last year, said he had decided to buy Banco de Venezuela after Santander asked for permission to sell it to a local finance group.

 

"I said 'No, I'll buy it from you -- what's it worth? We'll pay it,'" Chavez said during a live television broadcast.

 

Santander was not immediately available for comment.

 

In the last two years Venezuela's socialist government has taken over large swathes of the economy, including oil projects, telecommunications and steel and cement plants.

 

Banco de Venezuela is the South American nation's third largest bank in terms of deposits and the fourth measured by its credit portfolio.

Date created : 2008-07-31

COMMENT(S)