Regulator to liquidate Banco Andino

Venezuela's banking regulator will liquidate local institution Banco Andino, according to daily Multipuerta in a report that cited the country's official gazette as its source. Banco Andino was taken over by the government's deposit insurance agency Fogade in 1995 following on from Venezuela's financial crisis the previous year. The bank has not performed any financial intermediary operation since 1997 and has posted consecutive losses since the first half of 2000, the report added. The liquidation of Banco Andino received the green light from the country's central bank on July 8 this year.