Venezuela reached a deal today to pay Spain-based Banco Santander $1.05 billion for the nationalization of its local unit, ending months of stalled negotiations, according to dpa. Vice President Ramon Carrizalez said the takeover of Banco de Venezuela will allow the government to assert greater control over the economy as it moves toward a socialist model. «We are working in all areas related to economic development,» he said. President Hugo Chavez announced last July that his government would nationalize the bank, but officials had been locked in talks for months over a purchase price. In March, Chavez said the bank's value had fallen due to the world financial crisis. Since 2006, Chavez has nationalized Venezuela's biggest telecommunications, electricity and steel companies along with four major oil projects.
