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February 11, 2016, the history of Banco Industrial de Venezuela (BIV) ended. A
resolution of the Superintendency of Banking Institutions (Sudeban) was the
death certificate for a financial institution that was born in
the early dissolution of Banco Industrial de Venezuela, C.A. and the cessation
of operations and financial intermediation activities and, thus, beginning the
administrative liquidation process," provides Article 1 of the measure contained
in Official Gazette 40.846.
the end of BIV was written long ago. In 2011, the Office of the Comptroller
General of the Republic (CGR) recommended ending the "intervention process,"
which the bank was subject to since 2009. It advised its "liquidation" in “order
to preserve the interests of the Republic, the stability of the national
financial system, and the rights of savers, depositors, customers and creditors,
given that the bank had serious economic, financial and budget planning problems
in 2007 and 2008."