3 October 2007
Venezuelan President Hugo Chávez announces that the Bank of the South will be formed on Monday in Caracas.
Venezuelan President Hugo Chávez announced Tuesday night that the Bank of the South will be born on Monday in Caracas. The announcement was made during a meeting of the central economic planning committee. Although the identities of the member nations have not yet been disclosed, Chávez claimed that Caracas has been decided as the location for the meeting and expressed his expectation of the participation of the ministers of Finance, Treasury or Economy of member countries. The creation of the bank is one of many initiatives designed to unite the hemisphere.
Source