Many of the plots from Spain's literary golden age hinge on the interlinking themes of power, honour and revenge. The same could be said of the entertaining goings-on in the higher echelons of the Spanish banking sector. The chaste doñas have been replaced by financial heavyweights, the noble families by board members and the conquering heroes by crusading judges, interfering political parties and uppity shareholder activists (depending on your view), but the plots are little changed from the 16th century dramas.

Nearly all the commotion surrounding the leadership of BBVA and Santander Central Hispanico can be traced to the complex web of mergers that led to the formation of the two banking groups. The chairmen of the banks are suffering unwelcome scrutiny from the local authorities. SCH is on trial for the alleged misuse of shareholder funds and BBVA is under investigation for supposed trading irregularities. The outcomes could have serious consequences – SCH's Emilio Botin could even potentially go to jail – but almost as intriguing are the machinations that have led to their instigation.