The Spanish banking scene would not be the same without the two giants jostling for position at its centre. Both were formed over a decade-long period, involving much behind-the-scenes political machinations, a series of mergers, a slew of changing acronyms and the heady mix of northern Spanish banking savvy together with previously state-owned stalwarts.

Banco Bilbao and Vizcaya had originally merged to form Banco Bilbao Vizcaya, or BBV, in the late 1980s, only to later merge with Argentaria, which was then itself a newly formed banking group comprising the state-managed Caja Postal, Banco Exterior, Banco de Crédito Local and Banco Hipotecario. The resulting bank was - and so far remains - Banco Bilbao Vizcaya Argentaria, or BBVA.