Grupo Santander happy with sale of unit to Venezuela

[Judi Lynn]

CARACAS, Tuesday July 07, 2009
Grupo Santander happy with sale of unit to Venezuela


In the opinion of Francisco Luzón, the director general of the American division of the Spanish bank Santander, the consortium is pleased with the sale of its subsidiary to the government of President Hugo Chávez.

"We have completed the sale process of Banco de Venezuela and are pleased with the deal," said the counsel after his participation in the 8th Santander-Latin American meeting at the Menéndez Pelayo International University, as quoted by Efe.

Luzón explained that no matter the sale for USD 1.05 billion, the group will remain in Venezuela, because they understand that they can still add value to the country.

The Santander holding will keep in Venezuela a brokerage firm; micro-loans bank Bancrecer, with 30 branches, Universia and a foundation.

http://english.eluniversal.com/2009/07/07/en_eco_esp_grupo-santander-happ_07A2465845.shtml