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On May 22, 2009, the Venezuelan government nationalised Banco de Venezuela. It bought it for USD 1.050 billion from the Spanish Bank Santander. Banco de Venezuela had been nationalised in 1994. Two years later, ithad been privatised and Santander acquired 93.4% of the shares from theVenezuelan government for around USD351 million.
This deal concluded the saga that began on July 31, 2008 when Hugo Chavez, the Venezuelan President, announced that he will nationalise Banco de Venezuela, while Santander was seeking to conclude the sale of its subsidary to another private financial firm. This measure is included in the GTA database because in limiting the set of buyers of this subsidary the government likely depressed the ultimate sales price to the detriment of foreign commercial interest.
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