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Venezuela refashions seized banks into public entity
By Agence France-Presse
Sunday, December 6th, 2009 -- 6:38 pm
Venezuela's government will create a new state-run financial institution out of four private banks that were shut down this week for alleged accounting irregularities, President Hugo Chavez said Sunday.
"We will create another large bank... as a result of a merger" between the closed institutions, Chavez announced on his weekly television and radio program "Alo Presidente."
The new bank, to be called Banco Bicentenario -- in honor of Venezuela's 200th anniversary of independence next year -- will be created from the remains of Confederado, Central, Bolivar and Banco Real, all shuttered to investigate the alleged irregularities.
State bank Banfoandes will also be involved in the merger, he added.
Along with those institutions, the Chavez administration also closed down Banco Canarias and BanPro.
By Agence France-Presse
Sunday, December 6th, 2009 -- 6:38 pm
Venezuela's government will create a new state-run financial institution out of four private banks that were shut down this week for alleged accounting irregularities, President Hugo Chavez said Sunday.
"We will create another large bank... as a result of a merger" between the closed institutions, Chavez announced on his weekly television and radio program "Alo Presidente."
The new bank, to be called Banco Bicentenario -- in honor of Venezuela's 200th anniversary of independence next year -- will be created from the remains of Confederado, Central, Bolivar and Banco Real, all shuttered to investigate the alleged irregularities.
State bank Banfoandes will also be involved in the merger, he added.
Along with those institutions, the Chavez administration also closed down Banco Canarias and BanPro.
