May 2026
đź“Ł VC round data is live. Check it out!
Largest Commercial Banking Public Companies in Spain
Benchmark revenue and EBITDA valuation multiples for public comps like
Santander, BBVA, CaixaBank, Banco Sabadell and Bankinter.
 | Santander's focus is on retail and commercial banking. Latin America is geographically the most significant operation, with Brazil making the largest contribution. Its continental European business is mainly in Spain and Portugal. Santander's UK presence is the result of its acquisition of Abbey building society. In the US, Santander operates a vehicle finance business and a regional bank focused on the Northeastern states. | $13 | +56% | $182B | $565B | 7.7x | — | ||
| Despite its Spanish origins, Banco Bilbao Vizcaya Argentaria generates only around one-fourth of its profits in Spain. We expect that on a normalized basis, BBVA's market-leading Mexican bank should contribute half of its earnings, while its Turkish operation should account for another 15%. The balance of BBVA's earnings comes from smaller operations in South America. BBVA is overwhelmingly a retail and commercial bank, with corporate and investment banking forming a minor part of the overall business. BBVA also offers insurance and investment products through its banking networks. | $23 | +53% | $130B | $232B | 5.1x | — | ||
| CaixaBank SA is a Spanish bank that combines banking, insurance, and equity investment businesses. Its operations include retail banking, corporate banking, cash management, surplus management, and the allocation of income from financing the equity investment business. It consists of business segments of the Banking and insurance business, BPI, and Corporate center. The majority of its revenue comes from the Banking and insurance business. The company has a geographic presence in Spain, Portugal, America, the Rest of the European Union, and the Rest of the world. In which Spain generates the majority of its revenue. | $14 | +58% | $95B | $154B | 7.9x | — | ||
| Banco de Sabadell SA is a Spanish retail and commercial bank operating mostly in Spain but with a notable lending presence in the United Kingdom and the Americas. It emphasizes scaling its current customer base and laying the foundation for international expansion. Its business line is commercial banking, which focuses on providing financial products and services to large corporations, small to medium-sized enterprises, retailers and sole proprietors, professional groupings, entrepreneurs, and personal customers. Loans and advances constitute a majority of the bank's earning assets. Its credit risk is mostly exposed to mortgage loans, followed by sovereign debt. | $4 | +25% | $20B | $43B | 5.9x | — | ||
| Bankinter SA is a bank operating in Spain. Its services include financial planning, asset management, retail banking, corporate banking, treasury, and international banking. Customer loans constitute the overwhelming majority of earning assets on the balance sheet. Its segments include Commercial Banking, Corporate Banking, Consumer Finance, Bankinter Portugal, Bankinter Ireland, and Other businesses. Its Financial products include Mortgages Salary accounts, Loans, Cards, Pension plans, and Investment funds. | $17 | +28% | $15B | $27B | 7.4x | — | ||
| Unicaja Banco SA is a financial institution. The company is engaged in financing activities that provide banking services to business and self-employed people. Its product categories include accounts and cards; mortgaged and loans; savings and investment; insurances and services. Geographically, it derives revenue from Spain. | $3 | +50% | $9B | $13B | 5.3x | — | ||
| Caja de Ahorros del Mediterraneo is a savings bank that receives deposits and provides commercial banking services in Spain. | $2 | -- | $4B | $4B | — | — | ||
| Median | $13 | +52% | $20B | $43B | 6.7x | — |
Financial data powered by FactSet and Morningstar. Valuation multiples as of current fiscal year. For more data, start your free trial here.
Recent Insights
Start Your
Free Trial Today
Try Multiples for free for 3 days. Got questions or need a demo? Schedule a call with us below.