CARACAS, Venezuela (AP) - Venezuela agreed Friday to pay Spain's Banco Santander $1.05 billion to nationalize the bank's local unit, ending months of stalled talks and transforming President Hugo Chavez's government into the country's top financial player.
The takeover of Banco de Venezuela will fuel a "process of revision and restructuring" of the nation's banking sector and help Chavez assert greater control over the economy in his bid for socialism, Vice President Ramon Carrizalez said.
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