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.)