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My Profile Top News Reuters top ten news stories delivered to your inbox each day. Subscribe You are here: Home > News > International > Article Home Business & Finance News U.S. Politics International Technology Entertainment Sports Lifestyle Oddly Enough Health Science Special Coverage Video Pictures Your View The Great Debate Blogs Weather Reader Feedback Do More With Reuters RSS Widgets Mobile Podcasts Newsletters Your View Make Reuters My Homepage Partner Services CareerBuilder Affiliate Network Professional Products Support (Customer Zone) Reuters Media Financial Products About Thomson Reuters Venezuela closes four banks after Chavez warning Mon Nov 30, 2009 12:02pm EST Email | Print | Share | Reprints | Single Page [-] Text [+] By Andrew Cawthorne CARACAS (Reuters) - Venezuela on Monday shut down four private banks a day after socialist President Hugo Chavez warned he would not hesitate to nationalize any financial institutions failing to help national development. Anxious staff and depositors gathered outside bank offices, whose doors stayed shut after Finance Minister Ali Rodriguez called an early-morning news conference to announce their closure due to internal irregularities. "How can I pay for my shopping, my boy's school? How will I survive? Who will answer for my money?" said employee and depositor Fabiola Martin, among 200 people thronging the Caracas headquarters of one of the banks, Banco Canarias. The four banks account for just 6 percent of the South American nation's deposits, and were taken over by the government on November 20 for violations of solvency regulations and unexplained capital increases. Their owner, wealthy businessman Ricardo Fernandez who has close ties to the government including supplying state shops with food, is under arrest. A court has barred 16 of the banks' executives from leaving the country. "The negative performance of the banks makes their closed-door intervention necessary," Finance Minister Ali Rodriguez said, reading a statement. Two of the institutions -- Banco Provivienda and Banco Canarias -- would be "liquidated", though more than 90 percent of their 725,000 depositors would be protected by the government's bank insurance agency Fogade, he said. The financial problems at the other two -- Banco Confederado and bolivar Banco -- were less severe, and those institutions could be rescued, Rodriguez added. Analysts said that could likely spell a formal government takeover. During his decade in power, Chavez has taken over large swathes of the OPEC member nation's economy -- including oil projects, telecommunications and power firms, and farmland -- as part of his policies of "21st century socialism". But Monday's closures appeared to be directly related to the problems of those four banks, and its owner's deteriorating relationship with the Chavez government, rather than the start of a major new wave of takeovers, analysts said. MORE 'CLEANING' COMING? The only major private bank to have fallen into state hands under Chavez was Spain's Banco Santander unit Banco de Venezuela, sold in July for $1.05 billion. Ten large banks, of a total of near 50, account for 70 percent of deposits. Boris Segura, senior Latin American analyst for RBS, said that given problems in some other banks, there could be more "cleaning up" of institutions like the four closed on Monday. "What we might be seeing is a nationalization of the system little-by-little," he said. Continued... View article on single page Share: Del.icio.us Digg Mixx Yahoo! Facebook LinkedIn Next Article: FACTBOX: How Obama's Afghan strategy is shaping up Also On Reuters Blog: Why is Starbucks hiding its iconic logo? 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