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Police, who have surrounded the bank, say the gunmen are demanding an ambulance to use for a getaway.
The standoff began on Monday morning at a branch of the Spanish-owned Banco Provincial in the town of Altagracia de Orituco.
The gunmen seized bank customers and employees after a police car pulled up as they were robbing the bank.
Local media reports say the hostages include several children and a pregnant woman.
The would-be robbers freed some people and one bank guard managed to escape.
Some hostages have been allowed to contact relatives on their cell phones.
Source: By VOA News