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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 expected | Backlash 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." |
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