Banco Bilbao Vizcaya Argentaria, S.A. (Spanish pronunciation: [ˈbaŋko βilˈβao βiθˈkaʝa aɾxenˈtaɾja]), better known by its initialism BBVA, is a Spanish multinational financial services company based in Madrid and Bilbao, Spain. The history of BBVA began in 1857 in Bilbao, a city located in the Basque part of northern Spain, when the Board of Trade promoted the creation of Banco de Bilbao as an issuing and discount bank. Banco de Vizcaya was founded in 1901 and carried out its first operations in Bilbao. Little by little, it spread throughout the country. In 1988, the merger agreement between Banco de Bilbao and Banco de Vizcaya was signed. And in 1989, the BBV brand was adopted.