Banco Industrial de Venezuela

Caracas headquarters of the Banco Industrial de Venezuela.

Banco Industrial de Venezuela (Industrial Bank of Venezuela), BIV, is a Venezuelan bank. In May 2009 the former president of BIV, Luis Rafael Quiro, was arrested for alleged corruption. The bank was at the time the largest state-run financial institution in the country.[1]

BIV was established in 1937 with 60% state capital and 40% private. Over time the state took full control, and in the 1960s and 1970s it was an instrument in the government's import substitution policy of industrialization.[2]

References

  1. ↑ Los Angeles Times, 20 May 2009, Venezuela State-Owned Bank Boss Arrested After $90 Million Loss
  2. ↑ (Spanish) BIV, Nosotros // Quiénes Somos - Historia, accessed 4 August 2010

External links

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