The credit of the Mining Union
1901-2002
Eduardo J. Alonso Olea
Between March and June 1901, five banks were formed in Bilbao: Banco de Vizcaya, Banca y Bolsa Bilbaína, Banco Naviero Minero, Crédito de la Unión Minera and Unión Financiera. The reason why the formation of new banks accelerated in such a short period of time was not only due to an increase in operations in the Bilbao market (export of minerals or simply a good industrial situation) but also to the importation of capital from the Antilles. and the Philippines after the colonial loss, which also explains the formation of the other major players in the sector: Banco Hispano Americano or Banco Español de Crédito (today integrated in one way or another into the BSCH).