Both the Central Bank and the Banco Hispano Americano were closely linked to the struggling industrial sector following the first oil crisis.

The Hispano Americano Bank, established in 1900, inherited a portfolio from Banco Urquijo that heavily exposed it to the industrial sector.

In 1991, Alfonso Escámez led the Central Bank, while José María Amusátegui was president of the Hispano Americano.

However, the deal fell through due to concerns from Finance Minister Juan José Espinosa over the resulting bank's power.

[7] The new "Banco Central Hispano" became Spain's largest private bank, surpassing Bilbao Vizcaya (BBV).