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.

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

[6] The merger meetings occurred on October 30, 1991, with the official registration of BC’s capital increase for the absorption on January 2, 1992.

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