Interbank, majority owned by Víctor Gill Ramírez and his family, merges with Banco Mercantil

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.

Victor Gill Ramirez Venezuela