Banco Industrial de Venezuela (Industrial Bank of Venezuela), BIV, is a Venezuelan bank. In May 2009 the former president of BIV, Luis Rafael Quiro, was arrested for alleged corruption. The bank was at the time the largest state-run financial institution in the country.

BIV was established in 1937 with 60% state capital and 40% private. Over time the state took full control, and in the 1960s and 1970s it was an instrument in the government's import substitution

Import substitution

Import substitution industrialization or "Import-substituting Industrialization" is a trade and economic policy that advocates replacing imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of...

policy of industrialization.

External links

• Banco Industrial de Venezuela official webpage