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Article: Americas: Venezuela - Government-bank Relations - Chavez Takes On Banking Sector - President Hugo Ch vez's Decision To Nationalise Banco De Venezuela Has Come At A Time When Government-bank Relations Are Uneasy Following A Ministry Of Finance Crackdown On.
- Article from:
- The Banker
- Article date:
- September 1, 2008
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Byline: JANE MONAHAN
There is little that is conventional about banking in president Hugo Ch vez's socialist Venezuela - and still less following the South American leader's decision, on August 1, to prevent the sale to a local bank of a unit of Spain's Grupo Santander - the third biggest bank in the country by assets, Banco de Venezuela - announcing that the Venezuelan state would buy it instead.
Just consider the unconventionality of how Mr Ch vez described - after announcing the nationalisation - his government's plans for the Venezuelan bank.
The government will expand Banco de Venezuela's 250 branches to many more municipalities ("we will ...