Venezuela to pay $1B for Spanish-owned bank

Venezuela reached a deal Friday to pay Spain-based Banco Santander $1.05 billion for the nationalization of its local unit, ending months of stalled negotiations. Vice President Ramon Carrizalez said the takeover of Banco de Venezuela will allow the government to assert greater control over the economy as it moves toward a socialist model. "We are working in all areas related to economic development," he said. Banco de Venezuela president Michel Goguikian called the deal "very satisfactory" for both the bank and the government.