There is a longstanding criticism of BBVA among impatient investment bankers. Yes, today BBVA is more profitable, better capitalized and, until now, better valued than its largest Madrid-based rival, Banco Santander. But culturally it is not daring enough, they say. It pays too much attention to price. It misses out on M&A opportunities.
This, according to such critics, is why BBVA’s balance sheet and market cap is still much smaller than Santander, even though Santander was the smaller bank until its 1994 acquisition of Banesto.
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