Maldonado buys 95% of Banco Confederado

Venezuelan bank Banco Confederado agreed to sell 95% of its assets to local financial group Grupo Maldonado in a non-hostile takeover, investment advisor Daniel Abreu, who is overseeing the deal, confirmed to BNamericas. Once the process is complete, Maldonado is expected to pay between 50bn (US$26.1mn) and 60bn bolívares for Confederado, Abreu said. "President of Banco Confederado Hassan Saleh Saleh received several offers to buy Confederado and decided Maldonado's proposal was the most advantageous," the representative added. Banco Confederado is a small regional banking venture focused on commercial and individual clients, providing financing for trade and tourism development. The bank's total assets totaled 139.7bn bolívares at the end of June this year, while its total equity was positioned at 23.5bn bolívares with 19 branches within Venezuela. Banco Confederado's total loan portfolio reached 9.2bn bolívares at the end of the first half this year, with deposits totaling 102.9bn bolívares.