Venezuelan President Hugo Chavez hasn't had his fill of nationalizations. The South American strongman announced that he intends to bring government control to one of the country's largest banks. Banco de Venezuela, a subsidiary of Spanish banking giant Banco Santander, is reported to be the latest object of Chavez's affection. In recent years Chavez has nationalized companies in several sectors of the Venezuelan economy, often with legal help from New York firm Curtis Mallet-Prevost.
August 06, 2008 at 12:00 AM
1 minute read
The original version of this story was published on Law.Com
Venezuelan President Hugo Chavez hasn’t had his fill of nationalizations. The South American strongman announced on state television that he intends to bring government control to one of the country’s largest banks.
Banco de Venezuela, a subsidiary of Madrid-based Spanish banking giant Banco Santander, is reported to be the latest object of Chavez’s affection. (Banco Santander purchased a 90 percent stake in Banco de Venezuela from the Venezuelan government in December 1996 for $338 million.)
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