Banco de Venezuela is a Caracas international universal bank. Banco de Venezuela had 285 branches in Venezuela as of June 2008.
Banco de Venezuela was founded in 1883 as Banco Comercial, which on 2 September 1890 changed its name to Banco de Venezuela. On 6 October 2000, BDV purchased 100% of Banco Caracas, becoming the largest bank in the country. Banco de Venezuela have 4,050 employees.
Banco de Venezuela was the market leader in Venezuela until 2007, when it fell to third place, with an 11.3% market share for deposits; its major competitors are Banesco, Banco Mercantil and BBVA Banco Provincial.
Recent state involvement of Banco de Venezuela, in June 2008, Grupo Santander began discussion with Venezuelan banker Victor Vargas, regarding a possible acquisition of BDV, but the Venezuelan government stopped the negotiations. On 31 July of the same year, Venezuelan President Hugo Chávez stated: "I'm interested in the purchase (by the government) and we going to nationalize it". However by March 2009 negotiations with Grupo Santander had still not been completed, and Finance Minister Ali Rodriguez said it was possible the takeover could be abandoned. In May 2009, a final agreement for a $1.05bn purchase price was signed.
Banco de Venezuela is one of major financial institutions in Venezuela.
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