Banks have 180 days to divest their holdings in financial groups

Posted on December 23, 2010 • Filed under: Business, Economy, Venezuela

A correction to a “material error” in the Organic Law for the Financial System was published in the Official Gazette dated December 21. The law forces banks to carry out a financial corporate divestiture, that is, to reduce the structure that currently allows them to gather under one corporation a bank, an insurance company and a brokerage firm. Read Article

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