Banco Industrial de Venezuela (Industrial Bank of Venezuela), or BIV, was a Venezuelan state bank.
Banco Industrial de Venezuela (Industrial Bank of Venezuela), or BIV, was a Venezuelan state bank.
The BIV was established in 1937 with 60% state and 40% private capital investment. The state gradually gained full control, and in the 1960s and 1970s, the bank was an instrument in the government's import substitution policy of industrialization. [1]
In May 2009, the former president of the BIV, Luis Rafael Quiro, was arrested for corruption. At the time, the bank was the largest state-run financial institution in Venezuela. [2] On February 11, 2016, the bank's assets were transferred to Banco del Tesoro.[ citation needed ]
Banco de la Nación Argentina is a national bank in Argentina, and the largest in the country's banking sector.
The Bank of the South or BancoSur is a monetary fund and lending organization established on 26 September 2009 by Argentina, Brazil, Paraguay, Uruguay, Ecuador, Bolivia and Venezuela with promises of initial capital of US$20 billion. Argentina, Venezuela, and Brazil were to have each pledged $4 billion, and Uruguay, Ecuador, Paraguay and Bolivia were to have contributed smaller amounts. The intention of the bank was to lend money to nations in the Americas for the construction of social programs and infrastructure. Documents establishing the bank as an entity were signed in 2007, and the agreement between the countries was finalized in 2009, but as of 2016, the bank had not been capitalized.
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The Venezuelan Economic and Social Development Bank is a Venezuelan federal public company, sanctioned by the US Department of Treasury, that is associated with the Ministry of Finance. It serves as a bank focused on financing projects that contribute toward the development of Venezuela. It was founded in 2001. It has subsidiaries that are based in Venezuela, Uruguay and Bolivia; the subsidiaries are Banco Bandes Uruguay, Banco Bicentenario del Pueblos, Banco Universal SA Banco de Venezuela, and Banco Prodem SA, of Bolivia.
Banco de Venezuela is an international universal bank based in Caracas. It was the market leader in Venezuela until 2007, when it fell to third place, with an 11.3% market share for deposits; its major competitors are Banesco, Banco Mercantil and BBVA Banco Provincial. As of June 2008, it had 285 branches in Venezuela.
Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela. It was headquartered in Caracas and had several branches throughout Venezuela. The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International. Stanford Bank Venezuela (SBV) was a subsidiary holding company of Stanford International, operating and licensed accorded the laws and regulations within Venezuela. Currency inflation and lack of liquidity prompted a run on several Venezuelan banks including SBV, forcing the government of Venezuela to intervene.
The Banco Nacional de Crédito (BNC) is a financial institution Venezuelan with private capital specialized in universal banking. It is headquartered in the El Rosal sector of Caracas.
Banesco Banco Universal C.A. is a Venezuelan financial institution whose principal branch is located in Caracas. The bank is part of the Asociación Bancaria de Venezuela.
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Banco Latino was a Venezuelan bank based in Caracas, and at the time of its 1994 failure was the country's second largest. It had a good relationship with the government, such that ministries moved their accounts to the bank, and the army and the state-owned oil company PDVSA entrusted their pension funds to Latino trust managers. Latino built a new high-rise headquarters, and expanded aggressively, both within Venezuela and overseas.
The 1994 banking crisis occurred in Venezuela when a number of the banks of Venezuela were taken over by the government. The first to fail, in January 1994, was Banco Latino, the country's second-largest bank. Later, two banks accounting for 18% of total deposits also failed. On 9 August 1994, Banco de Venezuela became the tenth bank bailed out by the Venezuelan government during the crisis, with the government taking a majority stake for an estimated at US$294m. In total, between January 1994 and August 1995 17 of the country's 49 commercial banks, as well as some subsidiaries, failed - representing 53% of the system assets. Estimates of the total cost of the bailout range from 18 to 31% of GDP; one estimate gives the total cost of the bank bailouts as 1.8 trillion Bolivars, or $12bn.
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Roberto Eugenio Marrero Borjas is a Venezuelan attorney, politician, and chief of staff to Juan Guaidó; he was arrested by SEBIN during a raid on his home in the early morning hours of 21 March 2019, and detained in El Helicoide, a prison run by SEBIN and "considered the country's largest torture center" according to Clarín. Marrero is also an attorney for Leopoldo López; López is Guaidó's mentor and a political prisoner.
Calixto José Ortega Sánchez is a Venezuelan engineer and diplomat who currently serves as the President of the Central Bank of Venezuela since 19 June 2018.
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