Morgan Stanley is advising Banco Bilbao Vizcaya Argentaria on the purchase of two Texas-based banks after acting for the Spanish banking group on its failed attempt to buy Italian rival Banco Nazionale del Lavoro last year.

BBVA also used Morgan Stanley when it acquired Grupo Financiero in Mexico for $3.9bn (€3bn) in February 2004, according to Dealogic, the investment banking research provider.