Stanford Bank Venezuela

Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela. It was headquartered in Caracas and had several branches throughout Venezuela.[1] The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International.[2] Stanford Bank Venezuela 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.

Stanford Bank Tower in Caracas

In May 2009 the Stanford Bank Venezuela was sold to Banco Nacional de Crédito for $111 m, with the bank being merged into BNC.[3]

References
  1. "Centros de Negocios Stanford Bank." Stanford Bank Venezuela. Retrieved on May 7, 2009. Archived February 26, 2009, at the Wayback Machine
  2. Simon Romero, New York Times, 18 February 2009, As Others Fled Venezuela, Stanford Saw a Chance
  3. El Universal, 8 May 2009, Banco Nacional de Credito buys Stanford Bank Venezuela SA Banco Comercial
This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.