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

    The shocking story of Israel's disappeared babies

    The shocking story of Israel's disappeared babies

    New information has come to light about thousands of mostly Yemeni children believed to have been abducted in the 1950s.

    Stories from the sex trade

    Stories from the sex trade

    Dutch sex workers, pimps and johns share their stories.

    Inside the world of India's booming fertility industry

    Inside the world of India's booming fertility industry

    As the stigma associated with being childless persists, some elderly women in India risk it all to become mothers.