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"It was a very good negotiation for both sides ...; it's not a small matter to acquire a bank of the size and quality of management that has characterized Banco de Venezuela," Finance Minister Ali Rodriguez said Friday at a ceremony attended by Grupo Santander President Emilio Botin.
Rodriguez said Friday that an initial $630 million installment of the agreed $1,05 billion price tag has been made and that two promissory notes were signed for $210 million each, which "will be duly paid" on Oct. 3 and Dec. 30, respectively.
With Banco de Venezuela's transfer to state control, socialist President Hugo Chavez government becomes the top player in the nation's banking sector, with control over almost 17 percent of all loans and more than 21 percent of total deposits.
At the time the deal was announced in May, Banco de Venezuela controlled 10 percent of total deposits and had 3.2 million customers across its network of 269 branches, according to the bank's figures.
The Chavez administration also has nationalized major players in the electricity, steel, oil and telecommunications sectors over the past two years. EFE
ar/mc
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