Venezuela makes only minor change to bank law
CARACAS, Aug 5 (Reuters) - Venezuela has made only a minor reform to its banking law, in contrast to Wall Street expectations of major financial regulatory changes as part of a package of 26 laws decreed by leftist President Hugo Chavez.
Analysts had expected the socialist leader, who last week announced the nationalization of a local unit of Spain's Grupo Santander (SAN.MC), would use the legislation to boost state control over banks.
But the law, distributed on Tuesday, included only a single change regarding how Venezuela's state-run bank deposit guarantee corporation can transfer assets to other state agencies.
Government leaders for months had discussed a range of options for the law, including increasing requirements that banks set aside a certain portion of their portfolios to specific sectors such as small business or agricultural loans.
Chavez at the end of July passed a package of laws, through special powers allowing him to legislate by decree, that increase state involvement in economic activities ranging from food and agriculture to railroads. (Reporting by Deisy Buitrago, Writing by Brian Ellsworth; Editing by Dan Grebler)
