Venezuela’s top private bank, Banesco,
will not be sold to the government, its president said on Thursday, knocking
down comments by a top Socialist Party official who said talks were underway for
a $3.5 million sale. Socialist Party Vice President Diosdado Cabello said on
Wednesday night that talks would begin this week and that Banesco President
Juan Carlos Escotet had accepted an offer made by the government. The comments
sparked concerns in the business community that Venezuela’s authoritarian
government was seeking to expand its control over a banking sector struggling
under soaring inflation and a fourth year of recession. More…
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