Venezuela says closing deal for Spanish-owned bank

[Judi Lynn]

The Associated Press May 13, 2009, 5:50PM ET
Venezuela says closing deal for Spanish-owned bank

CARACAS, Venezuela

Venezuelan President Hugo Chavez says his government is closing a deal to nationalize the local unit of Spain-based Banco Santander.

The socialist leader says his finance minister and bank representatives are negotiating the price. He plans to sign a purchase agreement May 22 for the subsidiary, Banco de Venezuela.

In a televised speech, Chavez said the deal will give Venezuela greater control over its economy.

Phone calls to the subsidiary were not picked up Wednesday evening.

Chavez announced last July that his government would nationalize the bank, but it has since been locked in negotiations over a purchase price.

http://www.businessweek.com/ap/financialnews/D985K1E81.htm