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| Date |
06/10/2000 |
| Companies
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BANCO CARACAS - BANCO SANTANDER CENTRAL HISPANO - |
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BSCH bids for Banco Caracas |
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Banco Santander Central Hispano has made its long awaited bid for Banco de Venezuela. The two have been talking for at least 6 months. The offer would become unconditional if BSCH gains 65% of shares. Under the bid terms 100% of the shares would be valued at $340m (E389m £234m). BSCH already own Bank de Venezuela and the two combined would form the largest bank in Venezuela with assets of $4.4bn.
The same competition for dominance in Venezuela is now occurring as in most other central & south American countries between BSCH & BBVA. BBVA purchased Banco Provincial which was then the largest bank. Since that time the merger of Banco Mercantil and Interbank created the largest bank, now to be superseded by the merger of Banco Venezuela and Banco Caracas. Until recently Venezuela was considered a higher risk country, however the economy now seems to be expanding well and foreign investment increasing.
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