Stanford Venezuela bank sold in auction

May 8, 2009 11:02:46 AM PDT
A government lawyer in Venezuela says authorities have sold a local bank previously controlled by Texas financier R. Allen Stanford for about $111.6 million in an auction. [SIGN UP: Get headlines and breaking news sent to you]

Finance Ministry lawyer Rodolfo Porro said today that Stanford Bank SA was sold to another Venezuelan bank, Banco Nacional de Credito. He said it sold for 240 million bolivars, or about $111.6 million.

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