Stanford Bank sale process begins in Venezuela

[EFerrari]

Stanford Bank sale process begins in Venezuela
17 minutes ago
By FABIOLA SANCHEZ
Associated Press Writer

(AP:CARACAS, Venezuela) Venezuelan authorities on Monday begun the process of putting up for sale a bank controlled by Texas financier R. Allen Stanford.

Authorities in Venezuela temporarily seized control of Stanford Bank SA last month following panicked withdrawals on news of U.S. fraud charges against Stanford and three of his companies.

A board overseeing the sale opened the process by starting to receive information from prospective buyers about who they are. The government banking regulator will close the list of possible bidders on Thursday, according to an announcement published in Venezuelan newspapers on Sunday.

Would-be buyers will present their bids at an auction on March 20.

http://news.ino.com/headlines/?newsid=689681788679793

[Judi Lynn]

1. This is good news. Thanks for giving us the heads up on their plans. n/t