Venezuelan President Hugo Chavez has announced a plan to nationalise Bank of Venezuela, one of the largest banks in the country.
He has asked for a meeting with the bank's owners, Spain's Grupo Santander, for a meeting to agree a price.
Santander is thought to have planned to sell the bank to a Venezuelan banker.
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Cement and telecommunications industries are also set to be taken over by the state.
Backlash expected
Santander has about 4,500 bank branches in Latin America and the region accounted for about a third of its profits in 2007.
However, in its latest annual report it acknowledged that its Venezuelan operations were at risk of nationalisation.
Mr Chavez said that he expected a backlash in Spain.
Last November, there was a row at a summit in Chile after Spain's King Juan Carlos told Mr Chavez to "shut up".
However, the pair met last week to improve relations.
(BBC)
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