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Spanish Banks Push into American Market

Doyle, Barlow & Mazard PLLC

Two Spanish banks entered the US banking market in June. Spain's second-largest bank, Banco Bilbao Vizcaya Argentaria (BBVA), purchased two Texas-based banks -Texas Regional Bancshares and State Regional Bancshares- supplementing a southern-California based bank that it had previously acquired. This deal will give BBVA access to the lucrative market for remittances from Latin American workers in Texas to Latin America. Meanwhile, Spain's largest bank, Banco Santander Central Hispano, has been steadily increasing its stake in Philadelphia-based Sovereign Bancorp, approaching 24.99% of outstanding shares. Several analysts have speculated that Santander will eventually make a bid for the bank as a way of expanding into the lucrative U.S. market.
Authored by

D. Sexton

Aerial view of Washington DC cityscape from Arlington Virginia USA.

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