Hugo Chavez Buys Banco de Venezuela

On Friday, Hugo Chavez and the government of Venezuela officially purchased Banco de Venezuela. Although the agreement to buy the bank was made in May, the first payment was completed this week.
Banco de Venezuela had owners, Grupo Santander, in the country of Spain. The selling price was reportedly more than one billion. Venezuela’s government will make three separate payments to complete the transaction by the end of the year.
With more than 3 million customers, Banco de Venezuela reportedly handles about 10% of the deposits in the country. It’s now estimated that the Venezuelan government is in charge of more than …read more