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Because this is the Banco de Venezuela, but this bank generates massive profits but these profits are going abroad."Ĭhávez also assured that the savings of the account holders were going to be guaranteed as well as the jobs of the workers, whose conditions would improve "as has happened with the nationalisation of SIDOR".Ĭhávez thanked the private managers of the bank for having turned it into a very efficient institution, but added that the bank would cease to be a capitalist bank to turn into a socialist one: "Profits will not go to one private group, they will be invested in socialist social development.
We are going to nationalize it so that it is put at the service of the Venezuelan people." He added that the bank controls millions of Bolivars which belong to "the Venezuelan people and also the Venezuelan government". "There is something obscure here because its owners first were desperate to sell and now they are saying they do not want to sell it to the Venezuelan state. "Ladran, luego cabalgamos" (the dogs bark, therefore the caravan is moving), he said, quoting from el Quijote. They are going to say that Chávez is an autocrat, that Chávez is a tyrant, I don't care, we are going to nationalize the bank regardless". So now I say ‘no, I will buy it, how much is it? We are going to pay for it, and we are going to nationalize Banco de Venezuela'." The President continued: "From this moment the media campaign on the part of the Spanish and international media is going to start. Then the owners said ‘no, we don't want to sell it'. He added: "Months ago I received the information through intelligence sources that Banco de Venezuela, which had been privatized for years, was being sold by its Spanish owners that an agreement had been signed between Grupo Santander and a Venezuelan private banker, then the Venezuelan banker needed the permission of the government to buy a bank, this is not a small operation (.) and then I sent a message to the Spanish and the Venezuelan banker, to tell them that the government wanted to buy the bank, we want to recover it. I make an appeal to Grupo Santander to come here so that we can start to negotiate". "We are going to nationalize Banco de Venezuela. In a television programme broadcasted to the whole of the country on July 31st, President Chávez announced the nationalisation of Banco de Venezuela, the Venezuelan bank owned by the Spanish banking multinational Grupo Santander.
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