Banco de Venezuela
Public bank in Venezuela
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Key Takeaways
- Banco de Venezuela (abbreviated: BDV ) is an international universal bank based in Caracas.
- 3% market share for deposits; its major competitors are Banesco, Banco Mercantil and BBVA Banco Provincial.
- History The bank was founded in 1883 as Banco Comercial , which on 2 September 1890 changed its name to Banco de Venezuela.
- In 1920, it had already established 10 branches in the country, and due to the lack of a central bank, the Banco de Venezuela became one of the six financial institutions with the right to issue banknotes, until the creation of the Banco Central de Venezuela in 1940.
- In 1978 the bank introduced 24-hour customer service, credit cards and new point of sales terminals.
Banco de Venezuela (abbreviated: BDV) is an international universal bank based in Caracas. It was the market leader in Venezuela until 2007, when it fell to third place, with an 11.3% market share for deposits; its major competitors are Banesco, Banco Mercantil and BBVA Banco Provincial. As of June 2008, it had 285 branches in Venezuela.
History
The bank was founded in 1883 as Banco Comercial, which on 2 September 1890 changed its name to Banco de Venezuela. It was initially a loan and taxation financial institution for the Venezuelan government. In 1920, it had already established 10 branches in the country, and due to the lack of a central bank, the Banco de Venezuela became one of the six financial institutions with the right to issue banknotes, until the creation of the Banco Central de Venezuela in 1940.
In 1976, BDV inaugurated its hundredth branch nationwide. In 1978 the bank introduced 24-hour customer service, credit cards and new point of sales terminals. The bank opened branches in New York and Curaçao in 1977 and 1979 respectively, and two years later founded a subsidiary, Banco de Venezuela International, to offer a better service outside the country. In 1984, the bank inaugurated its new headquarters in the center of Caracas.
On 6 October 2000, BDV purchased 100% of Banco Caracas, becoming the largest bank in the country.
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