Venezuela to nationalise main bank

Hugo Chavez, the Venezuelan president, calls on Spanish owners to begin negotiations.

    Venezuela has already nationalised several
    oil projects [EPA]

    "They wanted to sell the bank to a Venezuelan banker, and as head of state I'm saying no. Sell it to the government, to the state," he said.

    "We are going to take back the Bank of Venezuela to put it at the service of the Venezuelans."

    Last year the Venezuelan president threatened to nationalise all Venezuelan subsidiaries of Spanish banks after Spain's King Juan Carlos told him to "shut up" during a summit last November, although the two have since reconciled. 

    Banco de Venezuela is the South American nation's third largest bank in terms of deposits and the fourth measured by its credit portfolio. It was bought by Santander in 1996.

    In the past two years Venezuela government has taken over several key part of the nation's economy, including oil projects, telecommunications and steel and cement plants.

    SOURCE: Agencies


    YOU MIGHT ALSO LIKE

    Interactive: How does your country vote at the UN?

    Interactive: How does your country vote at the UN?

    Explore how your country voted on global issues since 1946, as the world gears up for the 74th UN General Assembly.

    'We were forced out by the government soldiers'

    'We were forced out by the government soldiers'

    We dialled more than 35,000 random phone numbers to paint an accurate picture of displacement across South Sudan.

    Interactive: Plundering Cambodia's forests

    Interactive: Plundering Cambodia's forests

    Meet the man on a mission to take down Cambodia's timber tycoons and expose a rampant illegal cross-border trade.