- published: 02 Jun 2009
- views: 4489
Banco Bilbao Vizcaya Argentaria, S.A. (Spanish pronunciation: [ˈbaŋko βilˈβao βiθˈkaʝa arxenˈtaɾja], or BBVA, is a multinational Spanish banking group. It was formed in 1999 from the merger of Banco Bilbao Vizcaya and Argentaria, both of which in turn had previously amalgamated three important banks in Spain, namely Banco de Bilbao, Banco de Vizcaya, Banco Exterior de España and the state-owned Caja Postal de Ahorros, with other minor entities.
BBVA is the second largest bank in Spain and 7th largest financial institution in the Western world with a market capitalization of over 61 billion Euros. The bank has recently focused on overseas expansion, and now operates in 40 countries. Like many other Spanish companies, it enjoys a dominant position in Spanish-speaking Latin American countries. It also has a strong presence in southern European countries, especially Portugal and Italy, and has expanded into the United States and in Asia.
BBVA’s story began in 1857 when the Spanish Board of Trade sponsored the creation of Banco de Bilbao as a currency-issuing and discount bank. Until the 1890s it was practically the only bank in the Basque Country. In the second half of the 19th century Banco de Bilbao played a leading role in operations involving infrastructure projects and development of the steel industry. In 1878, it lost the right to issue currency and reorganised as lending and discount bank.
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