LatinNews Daily - 13 June 2022

In brief: Venezuelan state-owned bank to float shares

* Venezuela’s Vice President Delcy Rodríguez has confirmed that the state-owned bank Banco de Venezuela (BDV) will float shares worth 5% of the company’s value, as part of the government’s drive to increase investment in struggling state enterprises. Rodríguez said that the float will take place in five stages, in which the government would prioritise bids by savings and pension funds, bank clients and workers, public servants, and private national or foreign investors. BDV is so far the only state-owned company that appears to have concrete plans for the share float, which was announced by President Nicolás Maduro on 11 May. Maduro indicated then that BDV, which was nationalised in 2009 under former president Hugo Chávez (1999-2013), will be joined in the partial share float by other companies including telecommunications company CANTV and petrochemicals producer Petroquímica de Venezuela (Pequiven).

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