Spain’s largest bank Santander has
agreed to sell its stake in Banco de Venezuela to the country’s
government in a deal worth $1.05 billion.
Venezuela vice-president Ramon Carrizalez said
the government would pay a first instalment of $630 million in cash
on 3 July with two further payments, each of $210 million,
scheduled for dates in October and December.
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Venezuelan president Hugo Chávez had
originally announced his intention to nationalise Banco de
Venezuela, the fourth-largest bank in the country by assets, with a
branch network of around 300 branches, in July last year.
Once the deal is closed, analysts forecast
government-controlled banks will have a market share of more than
20 percent of the country’s banking sector.
Santander paid $351.5 million for a 93.4
percent stake in Banco de Venezuela in 1996.
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