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Venezuela Bank Buys Spain's NCG Banco

Source: Reuters - Wed 18th Dec 2013

Spain's bank restructuring fund FROB announced earlier on Wednesday how Venezuela's Banesco was the chosen bidder to buy 88.33% of Spain's nationalised NCG Banco.

Banesco, which made one of 6 binding offers for the Spanish bank, offered €1 billion.

Earlier in the week FROB stated that if the winning bid did not surpass the 2nd highest bid by at least €200 Mln, the sale would have to enter a second bidding phase.