Business group opposes Venezuela bank takeover

Venezuela's largest business chamber is opposing a decision by President Hugo Chavez to nationalize a Spanish-owned bank. Fedecamaras business chamber president Jose Manuel Gonzalez says nationalizing Banco de Venezuela shows «the government wants to become the only businessman in the country. Chavez hopes to reach an agreement with Banco Santander for its subsidiary, which is Venezuela's third largest bank. He has said he decided to nationalize it after learning the owners were in talks to sell the bank. Gonzalez says the withdrawal of the Spanish investors is a negative sign for investors and that the government will soon control one-fourth of Venezuela's financial market.