BUSINESS BRIEFING / ACQUISITIONS
TIMES WIRE SERVICES
Venezuela reached a deal to pay Spain-based Banco Santander $1.05 billion for the nationalization of its local unit, ending months of negotiations and turning the government into the No. 1 player in Venezuela’s financial sector.
Vice President Ramon Carrizalez said the takeover of Banco de Venezuela would enable the government to assert greater control over the economy as it moves toward a socialist model.
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