Chávez announces the nationalization of the Bank of Venezuela
Hugo Chávez, during his trip to Spain in Madrid, on July 25th. (Foto: REUTERS)
Hugo Chávez confirmed on Thursday what was a known in high economic circles since some months ago: the Government wants to buy the Bank of Venezuela. Owned by Spanish Bank of Santander, will underpin an State bank related to Chávez’s nationalist plans. In a large speech, transmitted in a compulsory way by radio and TV, the “Bolivarian” leader said that the procedure will begin shortly to pay Bank of Santander a “just price” for the firm.
Chávez, who just last year menaced with the nationalization of the two Spanish bank which were present in the country (BBVA and Bank of Santander) stated that the Santander wanted to sell the Bank of Venezuela to a Venezuelan businessman but were not interested in selling it to Venezuelan Government. Chávez also said that he had documents that proved the negotiations between Bank of Santander and national businessmen.
“They told me that they didn’t want to sell it, so I tell them: I want it, and we are going to nationalize it. We are in need of a bank of such magnitude in Venezuela”.
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