An activist from the Mortgage Victims’ Association takes part in a protest outside the Supreme Court in Madrid in November
Public opinion is vital to a bank’s success, wherever it is based, but it is particularly important in Spain.
This is because the business models of Spanish banks revolve more around retail and because domestic retail investors – often clients – hold an unusually high proportion of those banks’ own share capital.
BBVA and Santander might rely less on domestic retail investors than on their international business, but Santander has Europe’s biggest shareholder base at more than four million, the vast majority of which are based in Spain.
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