Banco Federal was a Venezuelan bank based in Caracas.
It had been told to expand its capital base by 1.5bn bolivars (around $350m), and had only raised B100m.
[1] On 14 June 2010 Victor Vargas, head of Venezuela's National Banking Council, indicated that he supported the takeover.
"Vargas said he's sorry the takeover of Banco Federal had to occur but indicated he supported the government action by saying that sometimes interventions are necessary to keep the overall banking system running smoothly.
[3] Banco Federal's President Nelson Mezerhane owned a 25.8% stake in TV station Globovisión.