Banco Santander, S.A. has sold its stake in Venezuela-based subsidiary Banco de Venezuela S.A. to the Government of Venezuela for $1,050 million of which $630 million dollars have been paid at closing and the remainder will be payable in October and December 2009.
Banco Santander is a Spain-based provider of retail banking, consumer finance, wholesale banking, asset management, and insurance services. Banco de Venezuela is a provider of banking and investment management services.
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