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Pedro Crisafulli (Caracas)
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Official Gazette No. 35,949 of 30 April 1996 published Resolution No. 001-0496 of the Financial Emergency Board, dated 10 April 1996, issuing the "Rules to Authorize the Operation of Universal Banks" (the "Resolution").
The Resolution defines universal banks as those that can perform all the operations that, according to the General Law on Banks and Other Financial Institutions, banks and specialized financial institutions, or commercial banks, mortgage banks, investment banks, capitalization companies, leasing companies and money market funds can perform. The Resolution regulates the conditions, requirements and procedures to be complied with by (i) individuals or companies wishing to charter a universal bank; and (ii) specialized financial institutions that, by means of a merger or transformation, wish to become a universal bank to obtain the authorization of the Office of the Superintendent of Banks and Other Financial Institutions (the "Superintendent's Office"). According to the Resolution, the minimum capital required to operate a universal bank is Bs.3bn in cash if its principal office is located in the metropolitan area of Caracas, and Bs.1.5bn if its principal office is located outside such area, and if it qualified as a regional banking concern. The Resolution also provides that universal banks operating at an international level will require the prior approval of the Superintendent's Office to open, transfer or close offices, branch offices or agencies abroad.
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