Banks in Venezuela

Banks in Venezuela
Venezuela's banking system is characterized as being dominated by national private banks in January 2007 covering 58.4% of total assets in the market, while foreign banks occupied 30.4% and the rest was in the hands State (11.2%). With the various changes experienced after some mergers and liquidations of financial institutions in Venezuela in late 2009, private banks are appealing 54.8% market share (April 2010), followed the public or state banking 31.91 % and foreign-funded banks, 13.29%. There are 40 financial institutions, of whom 27 are commercial banks (Universal Commercial Banks and Banking) and 13 are devoted to specialized banks. The sector employs 79,110 people around (2009) and has more than 3,883 agencies and offices. Major banks in 2011 are Bank of Venezuela, Banesco, Banco Mercantil, BBVA Banco Provincial, Banco Universal Bicentennial and the West Bank Discount, among others.

AntecedentesLa banking instability in Venezuela is influenced mainly by the lack of political stability, all or most of the banks only give loans to the government sector and participated as a body of customs revenue, however, all banks from 1839 to 1882 had a ephemeral duration. Many of these banks were allowed the minting and circulation of notes and coins The first attempt to establish a trade bank in Venezuela national capital in 1825 happens to be founded under the name of Banco de Venezuela, but not able to carry out the proposal. A year later he presented the "Project Revenga" a national bank for the Gran Colombia (now Colombia, Ecuador, Panama and Venezuela) whose headquarters would be located in Bogota and 4 sites would be opened initially in Caracas, Cartagena, Guayaquil and City Panama, like the case of Banco de Venezuela, 1825 did not finish the project.In 1839 was founded by William Ackers the first bank in Venezuela, although foreign capital, the British Colonial Bank was led by Leandro Miranda, son of Francisco de Miranda, in 1848 ceased operations. Ackers founded together with other investors and the Venezuelan State (by 20% of the shares) the National Bank of Venezuela which fulfill the function of customs revenue and cancellation of the national budget, in addition to providing savings and deposits. But in 1850 the same fate that the British Colonial and closes.By 1861 establishing a bank called Banco de Venezuela (unrelated to the current) only achieved one year of service after failing bank policies had been drawn. Under the name of Banco Caracas try four times to establish commercial banks in the country, pushing a failed attempt in 1838 to establish a bank, the largest bank in Caracas born 1862 but paid in 1863 would then be founded and settled by other banks with that name from 1876-1877, 1877-1879 and 1879-1883.Once settled the last of those who called Banco Caracas was founded the Commercial Bank, which managed to consolidate and grow to become Bank of Venezuela in 1890 still exists.