The Main Monetary Authority Of The Country Is The Governmental Organisation Central Bank Of Venezuela, Or Banco Central De Venezuela (Bcv)

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The main monetary authority of the country is the governmental organisation Central Bank of Venezuela, or Banco Central de Venezuela (BCV). It also acts as a Clearing House System’s ruling officer. Founded in 1939, BCV oversees Venezuelan banks and maintains a fixed bolívar exchange level. Moody’s Investors Service estimates that the ultimate reorganization of Venezuela will cost more than $65.2 billion, the fourth biggest mistake in history, after missed bond interest payments from the state and domestic oil business PDVSA. (In 2012, Argentina in 2001 and Russia in 1998, the first three were Greece). This list of top banks in Venezuela is a helpful guide on where to begin for anyone considering a profession in banking in Venezuela. See our list of financial institutions for more information.The state banking system, apart from the central bank, consists of national and development banks operated by the Venezuelan Development Corp., commercial banks, investment banks, mortgage banks in Venezuela, as well as savings and loan associations.

Banesco

Banesco Universal C.A. Banco. Is a Venezuelan financial institution headquartered in Caracas. The bank is component of the Banking Association of Venezuela (Asociación Bancaria de Venezuela). Banescu Alexandra has 340 branches, over 115,000 POS and 1,377 ATMs throughout Venezuela. With more than 6 million customers, Banesco is presently Venezuela’s biggest private banking company, with a market quota of[ null 21.32 percent] of complete investments and[ null 18.3 percent] of loan portfolios.

There is also an insurance and consumer banking department in the economic sector. The bank is a part of Venezuela’s Banking Association and its mascot is Baneskín “El Pana de Ahorro” (Buddy’s Savings). Banesco’s 65,000 m2 Caracas office, Ciudad Banesco, is the biggest bank office in Latin America.

Banco Mercantil

Banco Mercantil

Banco Mercantil is a Venezuelan financial institution with its headquarters in Caracas, the country’s second biggest bank. It had 321 offices at the end of 2007, 313 of them in Venezuela. Founded in 1917 as Banco Mercantil Americano, Banco Mercantil was renamed Banco Neerlando Venezolano on 23 March 1925. The previous year was re-established under the title of Banco Mercantil y Agrícola (Mercantile and Agricultural Bank) at the same moment that the Venezuelan government allows it to print banknotes together with five other financial institutions because of a central bank’s inexistence. In 1940, after the Banco Central de Venezuela was established, the bank ceased issuing banknotes.

It became the formal Diners Club representative in Venezuela in 1968. The bank has accomplished the introduction of subsidiaries in Brazil, Canada, Colombia, Curaçao, Germany, Mexico, Panama, Peru, Switzerland, UK and the United States since the 1970s. The Mercantil Tower skyscraper was constructed as the office of the current bank in 1982. It wasn’t really impacted by Venezuela’s economic crisis in 1994. Mercantil purchased many economic and insurance organizations in 2000, including Interbank, Venezolana Entidad de Ahorro y Préstamo, Banco Monagas, Seguros Orinoco. At the beginning of 2007, Mercantil governed 12.29% of Venezuela’s banking industry share, just behind Banesco.

Banco Industrial De Venezuela

Banco Industrial de Venezuela (Venezuelan Industrial Bank), or BIV, was a state bank in Venezuela. The BIV was founded in 1937 with a state of 60 percent and private capital investment of 40 percent. The state gradually acquired complete power, and the bank was a tool in the government’s industrialization import substitution strategy in the 1960s and 1970s. BIV’s former chairman, Luis Rafael Quiro, was detained for corruption in May 2009. At that moment, the bank was Venezuela’s biggest state-run financial institution. The funds of the bank were transmitted to Banco del Tesoro on February 11, 2016.

Banco De Venezuela

Banco De Venezuela

Banco de Venezuela (shortened: BDV) is a universal Caracas-based international bank. Until 2007, when it came to the fifth position, it was the industry leader in Venezuela with a market share of 11.3 percent for transfers; its main rivals are Banesco, Banco Mercantil and BBVA Banco Provincial. As of June 2008, Venezuela had 285 branches.

The bank was established as a Banco Comercial in 1883, which altered its name to Banco de Venezuela on September 2, 1890. It was originally a Venezuelan government loan and taxation financial institution. It had already set up 10 offices in the nation in 1920, and owing to the absence of a central bank, the Banco de Venezuela became one of six financial institutions with the power to print banknotes until the Banco Central de Venezuela was formed in 1940. BDV opened its hundredth office nationwide in 1976. The bank launched 24-hour customer service, credit cards and fresh distribution terminals point in 1978.

Banco Bicentenario

Banco Bicentenario is a Caracas-based bank. It was created by merging with the existing state-owned bank Banfoandes, the banks Bolívar, Central and Confederado in early 2009 and nationalized following BaNorte Bank as a consequence of the banking crisis in 2009. The fresh bank retains about 20 percent of bank deposits from Venezuela.

Banco Nacional de Crédito

Banco Nacional de Crédito

Banco Nacional de Crédito (BVC: BNC) is a Venezuelan commercial bank with headquarters in Caracas, frequently shortened as BNC. It was established in 1977 as the Banco Tequendama subsidiary of Banco Tequendama Colombia in San Antonio del Táchira. In 2002, the purchase of the bank by a group of Venezuelan shareholders began and the acquisition was completed in 2003, the year in which its name was changed to Banco Nacional de Crédito. BNC purchased $111 million in 2009 from Stanford Bank Venezuela, earlier owned by Stanford Financial Group.

Banco Venezolano de Crédito

Venezolano de Crédito (BVC: BVE) is a Caracas-based Venezuelan public bank. Founded in 1925, it has risen to be one of the largest banks in Venezuela. Services offered include deposits, checking and saving reports, loan cards, foreign currency transfers, electronic purchases, business and personal loans, securities custody and traveler checks. The organization has performed a vital part throughout the twentieth century in the country’s economic development, financing and creating important financial industries such as agriculture, livestock and fundamental facilities, including urban development.

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