Banco Federal was a

Venezuela Venezuela (; ), officially the Bolivarian Republic of Venezuela ( es, link=no, República Bolivariana de Venezuela), is a country on the northern coast of South America, consisting of a continental landmass and many islands and islets in th ...

bank A bank is a financial institution that accepts 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 markets. Because ...

based in

Caracas Caracas (, ), officially Santiago de León de Caracas, abbreviated as 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 ...

. 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'', is an American weekly business magazine published fifty times a year. Since 2009, the magazine is owned by New York City-based Bloomberg L.P. The magazine debuted in New York City ...

'', 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 Victor Vargas (born 28 March 1952) is a Venezuelan banker and businessman, best known for being the owner and president of the 14th largest private bank in Venezuela, Banco Occidental de Descuento. Early life Victor Vargas was born into a middl ...

, 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 Nelson may refer to: Arts and entertainment * ''Nelson'' (1918 film), a historical film directed by Maurice Elvey * ''Nelson'' (1926 film), a historical film directed by Walter Summers * ''Nelson'' (opera), an opera by Lennox Berkeley to a lib ...

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 (state), Aragua, Carabobo and Zulia on Ultra high frequency, UHF channel 33. Globovisión is seen in the rest of Venezuela on cable or satellite ( ...

. 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 {{bank-stub