Spain and the United States - Real Instituto Elcano

THE SPANISH PLAYERS IN THE UNITED STATES 73
Puerto Rico, where Santander and BBVA own the second- and seventhlargest
banks, respectively, in terms of deposits and where both English and
Spanish are the official languages, was one of the first places in the Western
Hemisphere that these banks entered (see Exhibit 3.4). Santander bought First
National Bank of Puerto Rico in 1976, renaming it Banco Santander de Puerto
Rico, and two years later it acquired Banco de Crédito y Ahorro Ponceño. In
1989, Santander purchased Bayamón Federal Savings Bank and changed the
name to Santander National Bank. This was followed by the purchase the next
year of Caguas Central Federal Savings Bank, which made Santander the
second-biggest bank in Puerto Rico. In 1994 Santander merged its two banks
and two years later added Banco Central Hispano’s subsidiary. Today
Santander Puerto Rico has 72 branches and a 12% market share in deposits.
BBVA’s experience has been somewhat similar. In 1979 Banco Occidental,
a small Spanish bank, acquired Banco Comercial de Mayaguëz. Banco Vizcaya
(one of the three banks that forms BBVA) bought Occidental in 1982 when it
collapsed and in 1993 purchased Royal Bank of Canada’s subsidiary, Royal
Bank of Puerto Rico. Banco Ponce and Chase Manhattan’s retail assets and
liabilities were added in 1998. Today, BBVA Puerto Rico has 49 branches and
a market share of 5.5% in deposits.
3. Spanish patents registered in the United States
As well as a low level of direct investment in the United States, Spain also
has a very small number of patents registered in the country for an economy of
Exhibit 3.5. Patents Registered in the United States, by Country, 1976-2005*