BANDES

The Venezuelan Economic and Social Development Bank (Spanish: Banco de Desarrollo Económico y Social de Venezuela, BANDES) is a Venezuelan federal public company, sanctioned by the US Department of Treasury, that is associated with the Ministry of Finance. It serves as a bank focused on financing projects that contribute toward the development of Venezuela. It was founded in 2001. It has subsidiaries that are based in Venezuela, Uruguay and Bolivia; the subsidiaries are Banco Bandes Uruguay, Banco Bicentenario del Pueblos, Banco Universal SA Banco de Venezuela, and Banco Prodem SA, of Bolivia.