President Hugo Chavez's government assumed control of Venezuela's third-largest bank on Friday — making the state the largest player in the nation's banking system.
The purchase of the Spanish-owned Banco de Venezuela gives Chavez's socialist government control over more than one-fifth of bank deposits as he tightens his grip over the economy.
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“[The Santander Group] wanted to sell the bank to a Venezuelan businessperson who asked for permission, like the law requires. But now I say no... We are going to recuperate the Bank of Venezuela for all the people, since this is a country that is recuperating its wealth in order to put it at the service of the people,” Chávez announced.
At the service of the people: that's why he has gained control over more than one-fifth of bank deposits.
