Venezuelan Government Takes over Eighth Largest Bank
Posted: Thursday, June 17, 2010
Venezuela's Superintendent of Banks (Sudeban) announced on Monday that it will temporarily close and investigate the privately owned bank Banco Federal for failing to comply with minimum liquid asset provisions and productive sector investment quotas established in the banking law.
"Banco Federal's operations are suspended and its offices are closed until further notice," said Sudeban director Edgar Hernandez. An investigative commission will have 60 days to present a report on the bank, and determine whether it will be liquidated or rehabilitated.
Full Article : venezuelanalysis.com