Stanford Bank Venezuela Explained

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

History

It was headquartered in Caracas and had several branches throughout Venezuela.^[1] The Venezuelan banking regulator estimated that Venezuelans had placed around $2.5bn in deposits with Stanford International.^[2] 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 for $111 m, with the bank being merged into BNC.

External links

• Allen Stanford 'fraud': Venezuelans owed one-third of 'fraudulent certificates' - The Daily Telegraph February 19, 2009

Notes and References

1. "Centros de Negocios Stanford Bank." Stanford Bank Venezuela. Retrieved on May 7, 2009.
2. [Simon Romero]