His Excellency President-for-Life, Caudillo of the Bolivarians Hugo Chavez warned the owners of Banco Provincial, the Venezuelan unit of Spanish group Banco Bilbao Vizcaya Argentaria (BBVA), that he could nationalize the bank if it fails to comply with the law. He referred to a decree-law passed in December 2010 under which private banks were ordered to fund housing units under construction that were seized by the government. The Venezuelan president reacted to a complaint made by Janeth Quiñones, who represents the owners of apartments in a housing complex under construction located north Caracas.
Chavez held a phone talk with Pedro RodrÃguez, the president of Banco Provincial, and asked him to schedule an interview with the owners of apartments in a construction complex in Caracas that was seized by the government in December 2010.
"If Banco Provincial refuses to comply with the law, presidential decrees, then give me the bank," Chavez told RodrÃguez.
RodrÃguez told Chavez that the bank was not for sale. "It is not for sale, but you know that I can seize it," the Venezuelan president replied.
