Banco Bilbao Vizcaya Argentaria history

1896: A panic causes much of the Spanish banking system to fail.

1901: Banco de Vizcaya is formed.

The bank began its international expansion by establishing a Paris branch in 1902, becoming the first Spanish bank to have a foreign presence.

In 1918, it earned a national presence when it absorbed the Banca Luis Roy Sobrino in Madrid and made it into Banco de Vizcaya's first branch in the capital.

1935: By now, Banco de Vizcaya operates 200 offices.

All this notwithstanding, the government that emerged from the 1936 elections did not adopt a bellicose stance against the Spanish banking sector.

When Francisco Franco came to power in 1939, the country faced huge material losses at home.

Franco's Ministerial Order of May 17, 1940 established a policy of adhering to the banking status quo.

The bank gave its London and Paris offices a greater role in company operations, and in 1945 it established a branch specifically to form contacts for cooperative ventures in the United States and South America.

Minister Benjamin’s Banking Law of 1946 further pulled in the already tight reins on the Spanish banking sector.

Despite a number of urban development plans, Madrid did not spread into the open spaces around it, not even crossing the Manzanares River until 1948.

1959: Franco devalues the peseta to halt the country's financial decline; Spain joins the Organization for European Economic Cooperation.

By 1962, a new government department was created to plan and coordinate economic development, and the Law of Banking and Credit institutionalized the preeminent position of the major Spanish banks.

1971: Banco de Bilbao begins to issue credit cards; Banco de Vizcaya creates Liscaya as a leasing company for major corporations.

Banco de Vizcaya also developed an insurance company when it became part of Plus-Ultra in 1972.

The liberalization of banking regulations in 1974 led to further expansion for Banco de Vizcaya.

In 1979, managers took a step that was not yet common among Spanish banks: calling upon an independent auditing firm to publicly document its position, a move that has had an impact upon Spanish banking ever since.

To remain competitive by becoming larger, Banco de Bilbao took an unprecedented step in 1987 when it made a hostile takeover bid for its rival, Banco Español de Credito, known as Banesto.

Having grown dramatically since its 1988 merger, BBVA appeared to be well positioned for future prosperity.

Later that year, the firm announced that it would merge with Argentaria Caja Postal y Banco Hipotecario S.A., which was formed in 1991 to focus on corporate banking.

Together, they had the scale to continue that profitability in an economic climate that went through dramatic changes when Spain was incorporated into the European Economic Community, or European Union, in 1993.

The firm began a new strategy in 1994 entitled the "1,000 Day Program," which was set in place to develop the company as the preferred financial provider not only in Spain but in Latin America as well.

In August 1996, it took a 40 percent stake in Banco Ganadero, the largest bank in Columbia.

The Argentaria Merger: 1998

Banco Bilbao Vizcaya Argentaria was founded on December 18, 1999, and is headquartered in Madrid, Spain.“

On March 11, 2004, Madrid suffered a series of terrorist attack.

Construction of the Valdecarros district in the southeast of Madrid’s municipality, expected to house about 150,000 residents, began in 2007.

Information Circular 2/2016 of Bank of Spain