Stanford Bank Venezuela

Stanford Bank Tower in Caracas

Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela. It was headquartered in Caracas and had many branches throughout Venezuela.[1] The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International.[2] Although Stanford Bank Venezuela and its owner Stanford International were separate entities, news of the U.S. Securities and Exchange Commission's lawsuit accusing their owner, Robert Allen Stanford, of securities fraud prompted a run on the Venezuelan bank which forced Venezuela to seize the bank.[3]

In May 2009 the Stanford Bank Venezuela was sold to Banco Nacional de Crédito for $111 m, with the bank being merged into BNC.[4]

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. ↑ Reuters, 18 February 2009, Venezuela seizes Stanford bank after online run
  4. ↑ El Universal, 8 May 2009, Banco Nacional de Credito buys Stanford Bank Venezuela SA Banco Comercial
This article is issued from Wikipedia - version of the 11/17/2016. The text is available under the Creative Commons Attribution/Share Alike but additional terms may apply for the media files.