Softline: Lending up 44% by end-July

The Venezuelan financial system's total loan portfolio grew 44.1% to 15tn bolívares in the first seven months of 2004, according to a Softline Consultores report. The system saw total deposits grow 22.7% until end-July this year to total 35.1tn bolívares with savings accounts reaching 8tn bolívares and accounting for 23.1% of total deposits. Banco Mercantil accounted for 15.1% of the total loans by the end of July, with Banco de Venezuela in second with 15% and BBVA Provincial in third at 11.6%. The Softline report is based on the performance of 50 financial institutions in Venezuela, including 17 universal banks, 20 commercial banks, five investment banks, three savings and loans, three mortgage banks and two liquid asset funds. To read the full Softline report (in Spanish) type the following link into your browser: http://www.bnamericas.com/rc_search_detail.xsql?id_documento=53218&Tx_idioma=E