Specifics of the Banking System of Spain Article

Specifics of the Banking System of Spain - Article Example At the beginning of 1990th as a result of a series of merges and absorption two leading savings banks accumulating over 90 % of personal savings of the Spanish citizens have been created. Bank system of Spain is one of the most stable and liquid financial systems in Europe. Its distinctive features are a significant level of foreign currency (13,9 billion euro), the branched out the network of branches of private banks and the state savings banks. The dominating role is played by the banks with 100 % of the Spanish capital. The leader at cost of market actives is the financial group "Banco Santander Central Hispano" formed at the beginning of 1999 as a result of a merger of two largest banks of the country. Now the strongest bank group is Banco de Bilbao Vizcaya (BBV). However recently it had strong contender Central Hispano, the group formed as a result of merges of two banks - Banco Central and Banco Hispano Americano. Despite a plenty of local savings banks (cajas de ahorros), they make operations very slowly. In general, the bank system of Spain is strongly bureaucratized and not especially cares for the convenience of clients (Altman).   Some banks and other financial institutions of Spain: Banco de Espana - the Central bank of Spain; Banco Sabadell - the bank specializing on granting of services to private clients, and also small and average business. Has more than 400 branches in Spain and abroad; Bilbao Bizkaia Kutxa (BBK) - the largest savings bank in Basque Provinces and the fourth on size in Spain; Banco Santander - the bank which is carrying out the financial operations in Spain and in 31 countries abroad, including the USA; Kutxa - savings bank; Caixa d'Estalvis i Pensions de Barcelona - the financial group including savings bank and some of the other financial institutions; Caja San Fernando - the savings bank having operations in Western Andalusia; Caixa Catalunya – the Catalan savings bank; BBVA – the financial group; Open Bank - the open bank; Ibercaja - the Spanish savings bank.