Spain's Banco Bilbao Vizcaya Argentaria has hired more than half the 240 bankers its plans to bring in this year to boost its derivatives business as the bank seeks to compete with rivals in one of the fastest growing areas of the capital markets.

BBVA, the second biggest bank in Spain by market capitalisation, said it has hired 151 bankers to the business globally since the beginning of the year in an effort to grow headcount in derivatives to around 1,500.