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Chavez: 'No plans' to take over Spanish-owned bank

Associated Press Modified: January 29, 2011 at 6:06 pm •  Published: January 29, 2011

CARACAS, Venezuela (AP) — Venezuelan President Hugo Chavez says he does not intend to seize a Spanish-owned bank that he threatened with nationalization earlier this week.

Chavez says officials from the government and Banco Provincial have met and smoothed over the dispute.

He said Saturday he has "no plans to nationalize that bank."

Chavez accused Banco Provincial managers Wednesday of refusing to grant loans to cash-strapped Venezuelans seeking to purchase homes amid a nationwide housing deficit.

At the time he raised the possibility of a takeover, saying, "I will pay you whatever that bank costs."

Banco Provincial denies turning its back on clients seeking loans.

It is controlled by Spain's Banco Bilbao Vizcaya Argentaria, or BBVA.