Venezuela takes control of Spanish-owned Banco de Venezuela in nationalization

Published Friday July 3rd, 2009

THE ASSOCIATED PRESS

CARACAS, Venezuela - President Hugo Chavez's government has taken control of the country's third largest bank - Banco de Venezuela.

The government agreed in May to pay Spain's Grupo Santander more than US$1 billion for the nationalization announced last year.

The deal was sealed Friday with an initial payment of $630 million.

The transaction makes the state by far the largest player in Venezuela's banking system.

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