Venezuela's Chavez: No Plans To Nationalize Banco Provincial

Venezuelan President Hugo Chavez said Saturday he had no plans to take over BBVA Banco Provincial, the local unit of Spain's Banco Bilbao Vizcaya Argentaria SA (BBVA, BBVA.MC).

The comments come after Chavez on Wednesday threatened to nationalize the company and called bank president Pedro Rodriguez on live television to confront him after hearing complaints from mortgage seekers who alleged Banco Provincial was delaying payments for housing projects.

"I don't have plans to nationalize this bank," Chavez said during a televised address Saturday, adding "I only called him to ask him to help these people." The president said he was looking to put Rodriguez "in his place" after hearing the bank president use a "haughty" tone during the phone conversation.

Chavez, who has made housing for the country's poor among his top priorities, also threatened Banco Provincial and other banks in December, saying he would take over any that didn't ensure homes and apartments they finance are occupied immediately.

-By Kejal Vyas, Dow Jones Newswires; 58-414-249-6821; kejal.vyas@dowjones.com

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