Monday July 6, 11:21 AM
Venezuela makes payment for Santander subsidiary
MADRID, July 6, 2009 (AFP) - Spain's Santander (Madrid: SAN.MC - news) bank said Monday it had received the first instalment of the 1.05 billion dollars the government of Venezuela had agreed to pay for its subsidiary Banco de Venezuela.
Spain's largest bank said it had received 630 million dollars (450 million euros) or 60 percent of the total amount the Venezuelan government agreed to pay in May to nationalise the bank after months of stalled negotiations.
Venezuela will pay the remainder in two equal parts due in October and December.
Santander purchased Bank of Venezuela, the South American (SAC.TO - news) country's third-largest bank, in 1996 at a public auction for 351.5 million dollars.
It currently has estimated assets of 1.92 billion bolivars (896 million dollars).
Under Chavez, Venezuela has nationalized major players in the steel, electricity oil and other sectors.
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