"You have to be at the ball when the dancing starts, or you risk being left without a partner," insists Pedro Uriarte, vice chairman and chief executive officer of Banco Bilbao Vizcaya Argentaria, Spain's second largest bank, as he contemplates merger and acquisition possibilities in Euroland.
This view is shared by Banco Santander Central Hispano, Spain's largest bank by assets and Europe's third largest by market capitalisation, which shares the distinction with BBVA of having one of the highest returns on equity in the business in Europe (18.5 per cent and 21.9per cent, respectively).