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Stanford Bank Venezuela
From Wikipedia, the free encyclopedia
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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.
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