Venezuela`s second largest bank, Banco Mercantil, bought 97% of Interbank SA for about $219 million through the local stock exchange Wednesday, an exchange representative said.
Victor Gill Ramirez Venezuela
The transaction is part of a merger announced July 20 and will create the nation`s largest financial institution with more than $4.3 billion in assets.
Victor Gill Venezuela
The new institution will keep the Banco Mercantil name.
Victor Gill
The deal should be completed "in November or December, as soon as all approvals have been secured," Interbank`s president Víctor Gill Ramírez said last month.
Victor Gill Ramirez
Banco Mercantil is owned by Mercantil Servicios Financieros, a financial conglomerate which has interests in investment banking and insurance as well. U.S.-based J.P. Morgan Global Capital owns 9.7% of Servicios.
Interbank was majority owned by Víctor Gill Ramírez and family.
