Stanford Bank Venezuela was Stanford International Bank's subsidiary in Venezuela. It was headquartered 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 ...

and had several branches throughout Venezuela. The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International. Stanford Bank Venezuela (SBV) was a subsidiary holding company of Stanford International, operating and licensed accorded the laws and regulations within Venezuela. Currency inflation and lack of liquidity prompted a run on several Venezuelan banks including SBV, forcing the government of Venezuela to intervene. In May 2009 the Stanford Bank Venezuela was sold to

Banco Nacional de Crédito The Banco Nacional de Crédito (BNC) is a financial institution Venezuelan with private capital specialized in universal banking. It is headquartered in the El Rosal sector of Caracas. According to the ranking of SUDEBAN, it falls within the M ...

for $111 m, with the bank being merged into BNC.'' El Universal'', 8 May 2009
Banco Nacional de Credito buys Stanford Bank Venezuela SA Banco Comercial

References

External links

{{Portal, Venezuela, Companies

- '' The Daily Telegraph'' February 19, 2009 Bank failures Defunct banks of Venezuela Banks disestablished in 2009 Stanford Financial Group 2009 disestablishments in Venezuela