This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.

You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7536661.stm

The article has changed 2 times. There is an RSS feed of changes available.

Version 0 Version 1
Chavez plans to nationalise bank Chavez plans to nationalise bank
(about 6 hours later)
Venezuelan President Hugo Chavez has announced a plan to nationalise Bank of Venezuela, one of the largest banks in the country.Venezuelan President Hugo Chavez has announced a plan to nationalise Bank of Venezuela, one of the largest banks in the country.
He has asked for a meeting with the bank's owners, Spain's Grupo Santander, for a meeting to agree a price.He has asked for a meeting with the bank's owners, Spain's Grupo Santander, for a meeting to agree a price.
Santander is thought to have planned to sell the bank to a Venezuelan banker.Santander is thought to have planned to sell the bank to a Venezuelan banker.
The country has begun nationalising industries, including electricity and gas, as part of Mr Chavez's drive toward "21st century socialism".The country has begun nationalising industries, including electricity and gas, as part of Mr Chavez's drive toward "21st century socialism".
Cement and telecommunications industries are also set to be taken over by the state.Cement and telecommunications industries are also set to be taken over by the state.
Backlash expectedBacklash expected
Santander has about 4,500 bank branches in Latin America and the region accounted for about a third of its profits in 2007.Santander has about 4,500 bank branches in Latin America and the region accounted for about a third of its profits in 2007.
However, in its latest annual report it acknowledged that its Venezuelan operations were at risk of nationalisation.However, in its latest annual report it acknowledged that its Venezuelan operations were at risk of nationalisation.
Mr Chavez said that he expected a backlash in Spain.Mr Chavez said that he expected a backlash in Spain.
Last November, there was a row at a summit in Chile after Spain's King Juan Carlos told Mr Chavez to "shut up".Last November, there was a row at a summit in Chile after Spain's King Juan Carlos told Mr Chavez to "shut up".
However, the pair met last week to improve relations.However, the pair met last week to improve relations.
And the Spanish government said it would not intervene in any deal.
"We hope an agreement will be reached quickly, in a short amount of time, between the two sides," said deputy prime minister Maria Teresa de la Vega.
"They are talking, they are negotiating and they are going to reach an agreement."