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BREAKING NEWS
N.Z. Projects Narrower Surplus as Greek Risks Darken Outlook

Chavez Decides Against Nationalizing Banco Bilbao's Venezuelan Subsidiary

By Charlie Devereux - 2011-01-29T19:51:52Z

Venezuela’s President Hugo Chavez said he has no plans to nationalize the local unit of Banco Bilbao Vizcaya Argentaria SA.

Chavez on Jan. 26 had told BBVA Banco Provincial’s Executive President Pedro Rodriguez that he would expropriate the bank if he didn’t cooperate with the government by financing housing projects.

Chavez, in comments on state television today, said he was putting Rodriguez “in his place” after taking offense at his “haughty” tone.

To contact the reporter on this story: Charlie Devereux in Caracas at cdevereux3@bloomberg.net

To contact the editor responsible for this story: Joe Sabo at jsabo@bloomberg.net

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