Banco Federal was a

Venezuela Venezuela, officially the Bolivarian Republic of Venezuela, is a country on the northern coast of South America, consisting of a continental landmass and many Federal Dependencies of Venezuela, islands and islets in the Caribbean Sea. It com ...

bank A bank is a financial institution that accepts Deposit account, deposits from the public and creates a demand deposit while simultaneously making loans. Lending activities can be directly performed by the bank or indirectly through capital m ...

based in

Caracas Caracas ( , ), officially Santiago de León de Caracas (CCS), is the capital and largest city of Venezuela, and the center of the Metropolitan Region of Caracas (or Greater Caracas). Caracas is located along the Guaire River in the northern p ...

. At the end of April 2010 it was the country's 11th-largest bank, with deposits of 7.66 billion bolivars, or 2.82 percent of total deposits in the banking system.''

BusinessWeek ''Bloomberg Businessweek'', previously known as ''BusinessWeek'' (and before that ''Business Week'' and ''The Business Week''), is an American monthly business magazine published 12 times a year. The magazine debuted in New York City in Septembe ...

'', 14 June 2010
Venezuela Seizes Banco Federal for ‘Grave’ Weakness (Update2)
In June 2010 the bank was taken over by Venezuela's banking regulator. It had been told to expand its capital base by 1.5bn bolivars (around $350m), and had only raised B100m. At least 12 other banks had been taken over since November 2009 after speculation about bank insolvency. On 14 June 2010 Victor Vargas, head of Venezuela's National Banking Council, indicated that he supported the takeover. "Vargas said he's sorry the takeover of Banco Federal had to occur but indicated he supported the government action by saying that sometimes interventions are necessary to keep the overall banking system running smoothly." Banco Federal is to be liquidated by the government.''El Universal'', 19 August 2010
New law prohibits media owners from holding shares in banks
Banco Federal's President Nelson Mezerhane owned a 25.8% stake in TV station

Globovisión Globovisión is a 24-hour television news network. It broadcasts over-the-air in Caracas, Aragua, Carabobo and Zulia on UHF channel 33. Globovisión is seen in the rest of Venezuela on cable or satellite (Globovisión has an alliance with Dir ...

. After the state intervention, the government took over the Globovisión stake.

References

External links

www.bancofederal.com
Defunct banks of Venezuela Banks established in 1982 Banks disestablished in 2010 2010 disestablishments in Venezuela Venezuelan companies established in 1982 Companies based in Caracas {{bank-stub