ASOBANAsociación de Bancos Privados de Bolivia (Spanish: Association of Private Banks of Bolivia; Bolivia)
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An ASOBAN document warned against possible negative effects of the new provision, saying that "changing the rules of the game discourages potential investors, because by being more efficient and increasing profits, banking would face a greater tax burden.
ASOBAN therefore incorporated foreign banks investing in Bolivia (Banco do Brasil, Citibank, Banco de la Nacion Argentina, Banco Los Andes among others), while the CAINCO, via the Chamber of Hydrocarbons, incorporated TNCs investing in oil and gas extraction since the 'capitalisation' process undertaken in the mid-1990s (Soliz 2004; Claure 2008).
34) Mandatory closures generated protracted opposition from managers and employees in state banks and from ASOBAN, the banking federation.