Remaining Resilient

Remaining Resilient

Bonds Structured Finance Venezuela Corporate & Sovereign Strategy

Venezuela’s BBVA Provincial has remained resilient in what has been a tough environment for banks, showing that it can still post some of the most solid results in the country. This comes amid threats of nationalization after the administration of President Hugo Chávez accused the bank of failing to allocate funds to government-sponsored housing projects. Venezuelan banks continue to face internal challenges, which include a complex set of controls and regulations limiting operations, lower economic activity, high inflation and state intervention in most economic sectors, says Fitch. Despite these challenges, Banco Provincial has maintained its stable outlook, reflecting i

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