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.
Grupo Santander owns Banco de Venezuela, one of the largest banks in the nation's financial system with $700 million invested in
Chavez, who threatened to take over banks last year, said he had decided to buy Banco de Venezuela after
"I said 'No, I'll buy it from you -- what's it worth? We'll pay it,'" Chavez said during a live television broadcast.
In the last two years
Date created : 2008-07-31