Venezuela's Banesco Seeks to Acquire Exterior, Universal Says
By Peter Wilson
Caracas, May 5 (<a href=quote.bloomberg.com>Bloomberg) -- Banesco Banco Universal, Venezuela's fourth-largest bank, is seeking to acquire Banco Exterior SA, or Corp Banca in a bid to gain new customers and cut costs, El Universal reported.
Banesco has approached both banks about a possible purchase, the newspaper said, citing unidentified banking officials. An acquisition would put Banesco within striking distance of overtaking Banco de Venezuela SA to become the country's third- biggest bank.
Exterior and Corp Banca had no immediate response to Banesco's overtures, the newspaper said. Corp Banca is the country's ninth-largest bank by assets and Exterior is 11th.
Venezuela's banking industry is going through a period of rapid consolidation, with the number of financial institutions expected to drop by half from its current number of 52, analysts have said.
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