The MiFi Report

Posts Tagged ‘chavez’


Posted on September 15, 2008 - by James

Venezuela: Chavez to nationalize Spain’s Banco Santander unit…

Venezuelan President Hugo Chavez is reportedly ready to offer Banco Santander $1.2 billion for its local unit Banco de Venezuela. He announced last week his intentions to nationalize the unit but the Spanish bank must seek a better deal, analysts told Forbes.com. 

Banco Santander (nyse: STD - news -people ) is selling its operation there, although it provides the bank with juicy profits and it represents 2.3% of its global operation, as political uncertainty grows. Chavez said late Thursday that he would nationalize Spanish-owned Banco Venezuela after the government learned the owner had plans to sell it. 

“There is still bargaining space for Santander. This price is very low; it is quite a profitable bank with strong growth. According to my estimates, it is worth $2.5 billion but Santander should try at least to sell it for $1.9 billion,” Pierre-Alexander Pechmeze, an analyst with… [click here to read the rest of this article...]


Posted on August 22, 2008 - by James

Venezuela: Chavez eyes Banco Santander…

Hugo Chavez Tightens Grip on Venezuela’s Banking System

Forbes 

Venezuelan Government Plans to Nationalize Banco de Venezuela, the Local Unit of Spain’s Banco Santander

Venezuelan President Hugo Chavez is reportedly ready to offer Banco Santander US$1.2 billion for its local unit Banco de Venezuela. As political uncertainty grows, Banco Santander is planning to sell its Venezuelan operations which represent 2.3% of its global portfolio. Banco Santander acquired Banco de Venezuela in 1996. The bank currently has nearly 3 million customers and US$11 billion in assets.

Chavez had announced earlier that he would nationalize Spanish-owned Banco Venezuela after the government learned the owner had plans to sell it. “There is still bargaining space for Santander. This price is very low; it is quite a profitable bank with… [click here to read rest of article]