Santander must return 150 million dollars: Venezuela bank

8th October 2010, Comments 0 comments

A Venezuelan bank said Thursday that a Spanish court has ordered Banco Santander to return 150 million dollars paid to secure an option to buy the Spanish bank's Venezuelan affiliate.

The Banco Occidental de Descuento's (BOD) option to buy the Santander-owned Banco de Venezuela was blocked in 2008 when the government of President Hugo Chavez intervened and bought the bank for the Venezuelan state.

In a statement, the BOD said a Madrid court "sentenced Banco Santander to return to Banco Occidental de Descuento, Banco Universal the amount of 150 million dollars, plus interest from July 4, 2008 when the payment was made."

The Venezuelan bank sued for the money's return after "friendly" attempts to obtain it from Santander failed.

© 2010 AFP

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