Venezuela’s top private bank Banesco denies sale to government

Nasdaq (USA) – Venezuela’s top private bank, Banesco, will not be sold to the government, its president said on Thursday, knocking down comments by a top Socialist Party official who said talks were underway for a $3.5 million sale.

Socialist Party Vice President Diosdado Cabello said on Wednesday night that talks would begin this week and that Banesco President Juan Carlos Escotet had accepted an offer made by the government.

The comments sparked concerns in the business community that Venezuela’s authoritarian government was seeking to expand its control over a banking sector struggling under soaring inflation and a fourth year of recession.

Late socialist leader Hugo Chavez expanded the state-run banking sector with the nationalization of Banco de Venezuela, which had been in the hands of Spain’sGrupo Santander and was previously the country’s top bank.

Fuente: Nasdaq – 12/01/2018

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