Banco Industrial de Venezuela History and Status

Banco Industrial de Venezuela has a rich history that spans many decades. It was founded in 1953, making it one of the oldest banks in Venezuela.

The bank's early years were marked by a focus on providing financial services to the industrial sector, hence its name. Banco Industrial de Venezuela quickly gained a reputation for its expertise in this area.

Today, the bank continues to serve the financial needs of individuals and businesses in Venezuela. Its long history and experience have allowed it to build a strong presence in the country's financial market.

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The Banco Industrial de Venezuela was born on July 23, 1937, through a law approved by the National Congress, which later became the National Assembly.

It officially started its commercial operations on February 4, 1938, with the goal of promoting the country's industrial development, which was quite low at the time.

In the 1970s, the bank actively participated in financing the substitution of imports program, and it even revised its founding law in 1975.

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By 1999, the bank's law had changed again, allowing it to expand its business scope and even finance agricultural projects.

The bank had four international agencies: in Curazao, La Habana, Miami, and Nueva York.

In 2009, the bank faced serious financial difficulties and high debt, but a management intervention led by Rodolfo Porro Aletti showed positive results, and by 2012, the bank had recovered and closed its operations with a surplus for the first time in four consecutive years.

However, the bank's recovery was short-lived, as the economic crisis led to a proposal to liquidate it in 2014, which was later approved and led to the bank's closure in 2016.

The liquidation was a surprise to many, including the bank's employees, who protested and expressed their concerns, but the decision was made without their input.

The Banco Industrial de Venezuela (BIV) has been in trouble for a while, and it's not the first time it's faced financial difficulties. The bank was intervened by the government in 2015, with the Superintendence of Banks detecting problems of "certain severity".

In 2015, the BIV had a portfolio of credit worth 12.180.903 million bolivares, with deposits of 16.813.487 and a high level of morosidad of 3.27% (the highest in the national system). The bank had also withdrawn almost all its points of sale for debit cards in commercial establishments.

The bank's employees, around 500 people, were left in the dark about their future after the liquidation announcement. The government intervened the BIV in 2015, with the Superintendence of Banks detecting problems of "certain severity".

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The Banco Industrial de Venezuela has a strong focus on documentation and record-keeping, which is essential for any financial institution.

Their documentation and record-keeping processes are designed to ensure transparency and accountability in all financial transactions.

The bank's documentation includes detailed records of all financial transactions, including deposits, withdrawals, and transfers.

These records are maintained in a secure and confidential manner, in accordance with the bank's internal policies and applicable laws.

The bank's records are also subject to regular audits and reviews to ensure their accuracy and completeness.

The bank's documentation is not only a requirement for regulatory purposes but also an essential tool for the bank's management and employees to make informed decisions.

The bank's records are also used to provide customers with statements and other financial information.