Stanford Bank Venezuela
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Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela.
History
It was headquartered in Caracas and had several branches throughout Venezuela."[http://www.stanfordbank.com.ve/agencias.aspx Centros de Negocios Stanford Bank]." Stanford Bank Venezuela. Retrieved on May 7, 2009. {{webarchive |url=https://web.archive.org/web/20090226210652/http://www.stanfordbank.com.ve/agencias.aspx |date=February 26, 2009 }} The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International.Simon Romero, New York Times, 18 February 2009, [https://www.nytimes.com/2009/02/19/business/worldbusiness/19invest.html?_r=1 As Others Fled Venezuela, Stanford Saw a Chance] 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
{{Reflist}}
External links
{{Portal|Venezuela|Companies}}
- [https://www.telegraph.co.uk/news/worldnews/southamerica/venezuela/4694568/Allen-Stanford-fraud-Venezuelans-owed-one-third-of-fraudulent-certificates.html Allen Stanford 'fraud': Venezuelans owed one-third of 'fraudulent certificates'] - The Daily Telegraph February 19, 2009
Category:Defunct banks of Venezuela
Category:Banks disestablished in 2009
Category:Stanford Financial Group