A new perspective on the growth of Spanish banks in Latin America, 1994–2024

Abstract This paper offers a reassessment of the expansion of Spanish banks in Latin America between 1990 and 2020. We build upon the seminal work of Pablo Martín-Aceña and draw on the intangible assets framework developed by Guillén (2005) and Guillén & García Canal (2010). Incorporating new primary sources, particularly first-hand testimonies from key participants, we argue that it was not financial strength or technological invention that necessitated expansion, but decisive organizational capabilities proved instrumental. This perspective sheds new light on the motivations behind the expansion, the processes of consolidation, and the relative success of Spanish banks in the region. Our analysis reveals how strategic entry methods, innovative managerial practices, and targeted technological developments enabled these institutions to gain a competitive edge over both domestic banks and long-established international competitors. A key theoretical contribution lies in our distinction between technological adoption and transformative deployment.