Banco Industrial de Venezuela Enters into Regulatory Agreement

CARACAS, Venezuela--(EON: Enhanced Online News)--Banco Industrial de Venezuela (BIV) announced today that in connection with its United States agency operations, and as part of its new, post-Intervention operations, it had entered a consent agreement with United States federal and state bank regulatory authorities. The consent agreement specifies the agency limitations on the US activities and includes a civil fine of US$1.8 million related to its past operations.

“This is yet another step as we move beyond the problems of our past, and restructure BIV to its original mission to support establishment and development of key industries in Venezuela”

“This is yet another step as we move beyond the problems of our past, and restructure BIV to its original mission to support establishment and development of key industries in Venezuela,” stated Dr. Rodolfo Porro, Presidente de la Junta. Dr. Porro continued, “We are committed to the restoration of BIV, and our US agencies are a critical piece of that plan.”

The consent agreement is entered into among BIV, its New York and Florida agencies, and each of the Board of Governors of the Federal Reserve System, the New York State Banking Department, and the Florida Office of Financial Regulation.