Venezuela to nationalize Santander subsidiary

President Hugo Chavez has said his government will "soon" nationalize the Bank of Venezuela, a local branch of Spain's Grupo Santander.

Facade of a branch of the Bank of Venezuela in Caracas

Speaking during his weekly television address the leftist leader said a long-planned state takeover of the bank would proceed, as Santander prepares to pull out of the country.

"We are soon going to nationalize the Bank of Venezuela. It will enter state hands. I already have all the studies, all the calculations, the estimates, we know what it is worth," Chavez said.

Venezuela reached a deal in April with the Spanish banking giant to buy the Bank of Venezuela, nine months after Santander said it wanted to divest itself of its Venezuelan assets.

Source AFP

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