Investment banking firm Lazard is seeking to replace Centerview Partners as Venezuela's financial adviser, according to sources familiar with the matter. The development suggests Venezuela is conducting a competitive process to select financial advisory services.

Centerview Partners has previously served as a financial adviser to Venezuela, though the specific scope and duration of that relationship was not immediately clear. The potential change in advisory firms comes as Venezuela continues to navigate complex financial and economic challenges.

Lazard's bid represents an effort by the investment bank to secure what could be a significant emerging markets mandate. The firm has experience advising sovereign clients and working on complex restructuring situations in Latin America and other regions.

Venezuela has faced ongoing economic difficulties and has previously engaged international financial advisers for various matters including debt restructuring discussions. The country's financial situation remains challenging amid broader political and economic uncertainties.

Neither Lazard nor Centerview Partners immediately responded to requests for comment regarding the advisory mandate competition. The timeline for any potential decision on the financial advisory role remains unclear.