Union Caja Familia Restructures Citibank Debt

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Monday, June 12, 2000

Venezuela's newly formed bank Union Caja Familia has reached a deal to restructure its debt with US-based Citibank.

The two banks agreed to reduce the debt and restructure it over six years, Union Caja Familia said in a statement without releasing any figures.

The agreement also gives Citibank an option to purchase up to 8% of the Venezuelan bank, which was formed last month by the merger of savings and loan Caja Familia and Banco Union.

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The debt with Citibank originates from a US$150mn loan Citibank granted Union president Ignacio Salvatierra in October 1997 to purchase 41% of the bank.