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Venezuela takes control of Spanish-owned Banco de Venezuela in nationalization
Article online since July 3rd 2009, 0:00
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CARACAS, Venezuela - President Hugo Chavez's government has taken control of the country's third largest bank - Banco de Venezuela.
The government agreed in May to pay Spain's Grupo Santander more than US$1 billion for the nationalization announced last year.
The deal was sealed Friday with an initial payment of $630 million.
The transaction makes the state by far the largest player in Venezuela's banking system.
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