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Venezuelan Government Buys Banco de
Venezuela
Caracas - The Venezuelan government on
Friday announced the end of negotiations for
the acquisition of Banco de Venezuela (BV)
from Spain's Santander banking group, at a
price of1.05 billion U.S. dollars.
Vice President Ramon Carrizalez made the
announcement at a press conference at
Miraflores Palace accompanied by Finance
Minister Ali Rodriguez and representatives
from Santander Group.
He said the acquisition document will be
signed on July 3.
Rodriguez and Santander's representatives
signed the transfer contract before the
press, and with this contract the Venezuelan
government would take total control of the
BV operations.
Carrizalez said the BV's nationalization
aimed to strength the public financial
system, which is undergoing a restructuring
process.
He also sent an appeasing message to 6,000
workers from 286 agencies and all the
clients and users from the BV.
Carrizalez said the Venezuelan government
will pay 60 percent of the 1.05 billion
dollars, which is 630 million dollars, at
the buy-sell contract signing ceremony on
July 3.
The Venezuelan government will pay the
remaining amount with two pay-orders by 210
million dollars each, which will expire in
October and December 2009.
Meanwhile, BV President Michel Goguikian
said the deal was "very satisfactory" for
both the bank and the government.
The nationalization of the BV was ordered as
part of a nationalization program launched
by Venezuelan President Hugo Chavez for the
strategic sectors of the national economy.
At a different event on Friday, Chavez
hailed the BV's nationalization, adding the
company now "belongs to the people."
Since 2006, Chavez has nationalized some big
companies of telecommunications,
electricity, steel and oil.
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