Stanford Bank Venezuela

Stanford Bank Tower in Caracas

Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela.

History

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 (SBV) 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.

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

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