Banco Industrial de Venezuela

Banco Industrial de Venezuela (Industrial Bank of Venezuela), or BIV, was a Venezuelan state bank.

Caracas headquarters of the Banco Industrial de Venezuela.

History

The BIV was established in 1937 with 60% state and 40% private capital investment. The state gradually gained full control, and in the 1960s and 1970s, the bank was an instrument in the government's import substitution policy of industrialization.[1]

In May 2009, the former president of the BIV, Luis Rafael Quiro, was arrested for corruption. At the time, the bank was the largest state-run financial institution in Venezuela.[2] On February 11, 2016, the bank's assets were transferred to Banco del Tesoro.

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