Bandes buys Bolivia’s Prodem

Venezuelan state owned development bank Bandes has acquired Bolivian microfinance bank and fund Prodem. Full price of the transaction was not disclosed but the Venezuelan bank paid BOB408 per share ($56) Prodem’s new general manager Bladimir Reveron tells LatinFinance. The Venezuelan bank aims to bring Prodem’s expertise in microfinance to Venezuela, Reveron says, as it eyes the opening of offices of the Bolivian bank in Venezuela. Prodem has 92 offices in Bolivia, as well as 250,000 clients and 1000 employees, according to its website. Bandes already has retail operations in Nicaragua and Uruguay, Reveron says.