| Summary: | In the present economic context which fosters economic globalization, the internationalization of the big financial institutions is a key factor to increase the integration of the different banking systems worldwide. For this reason, it is important to study which variables, both internal and external, influence the internationalization process. This paper describes the expansion strategy of the Spanish bank BBVA, where three stages are identified. The outcomes of this process is analysed, as well. The study shows how factors such as productivity and financial deregulation are determinant is the strategy’s selection. Furthermore, the diversification stage reached makes it possible to obtain new benefit sources and reduce the impact of financial crisis in both national and international markets.
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