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Venezuela takes over another local bank, Bancoro

Venezuela takes over another local bank, Bancoro

Venezuela's government has taken over Bancoro bank, raising to 13 the number of financial institutions passing to state hands in the past year, authorities said Friday.
Finance Minister Jorge Giordani says authorities decided to intervene in Bancoro, once Venezuela's 11th largest bank, because of serious liquidity problems and losses.
"Despite the recovery plans formulated ... the directors were not able meet the requirements to rectify the situation" at the ailing bank, Giordani said.
He said 98 percent of the bank's depositors are covered by a state guarantee fund and authorities have sufficient resources for most of its 177,115 customers.
Between November 2009 and August, President Hugo Chavez's government has intervened in the a number of banks for alleged irregularities or not meeting regulations: Canarias, Confederado, ProVivienda (BanPro), Bolivar, Central, Real, Baninvest, BanNorte, Mi Casa, Del Sol, InverUnion and Federal.
Authorities later reopened Bolivar, Central, Confederado, Mi Casa and BanNorte and merged them with the state bank. Canarias, BanPro, Baninvest, Real, InverUnion, Del Sol and Federal were liquidated.
Chavez has said he will nationalize any bank that fails to meet strict guidelines and controls. His socialist-oriented government has expropriated a growing list of businesses in recent years.


Updated : 2021-10-28 09:16 GMT+08:00