Venezuela's Chavez Poised to Take Control of Banks

Published on:
12 September 2006 at 10:20 a.m. ET

Written by: Unknown Author –

http://www.insidearm.com/news/00014086-venezuelas-chavez-poised-to-take-control-/

By Andy Webb-Vidal, FT.com

Venezuela is preparing to take political control of private banks as part of a drive to spread “revolutionary” government control over the economy of the world’s fifth largest oil exporter.

Trino Alcides Diaz, Venezuela’s banking superintendent, has privately told the heads of several of the country’s banks that President Hugo Chavez wants to place two government representatives on the institutions’ governing boards. This would affect Banco Santander and BBVA, the Spanish banks, which respectively own Banco de Venezuela and Banco Provincial, two of the largest financial institutions in Venezuela. Others expected to be targeted include Banco Mercantil and Banesco.

For this complete story, please visit Chavez Poised to Take Control of Banks.

Venezuela's Chavez Poised to Take Control of Banks

Unknown Author

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